Hibernia Expands Coverage in Northeast Louisiana with Merger

Hibernia has expanded its coverage of northeast Louisiana to five parishes from three after its merger with FNB Bancshares, Inc., parent of First National Bank of Lake Providence, became effective on January 1, 1996. The merger had been approved by regulators and FNB shareholders. With this expansion, Hibernia's regional market share has increased to 22% from 19%. The combined entity now serves 25 parishes and 60 cities, representing more than 70% of the state's population, with approximately $7.0 billion in assets and 161 banking locations.

Key Takeaways:

• Hibernia's regional market share increased to 22% from 19% after the merger with FNB Bancshares, Inc.
• The merger expanded Hibernia's coverage to five parishes from three in northeast Louisiana.
• The combined entity serves 25 parishes and 60 cities, representing more than 70% of the state's population.
• Hibernia would have approximately $7.0 billion in assets and 161 banking locations after the pending merger with Bunkie Bancshares.
• The transaction had already been approved by regulators and FNB shareholders.
• Hibernia's common stock (HIB) is listed on the New York Stock Exchange.
• FNB shareholders will receive 92 shares of Hibernia stock for each FNB share.
• The acquisition values FNB Bancshares at approximately $9.6 million.

Statistics:

• Regional market share: 22% (previously 19%)
• Number of parishes served: 25 (increased from 19)
• Number of cities served: 60 (representing more than 70% of the state's population)
• Assets: approximately $7.0 billion
• Banking locations: 161
• Transaction value of FNB Bancshares: approximately $9.6 million

Sources:

• Business Wire (January 1, 1996) - "Hibernia Expands Coverage in Northeast Louisiana with Merger"