BancPlus in Ridgeland, Miss., has agreed to buy First Trust in New Orleans.
The $5.1 billion-asset BancPlus said in a press release Wednesday that it expects to complete the purchase of the $1.3 billion-asset First Trust in the first quarter. It did not disclose the price it will pay.
First Trust has 14 branches, $1.2 billion of deposits and $1.1 billion of loans in Louisiana, Mississippi and Florida.
“We are very excited about this partnership and the opportunity that it presents for our combined clients, team members, and shareholders,” Bill Ray, BankPlus’ president and CEO, said in the release.
“We are committed to this region and we believe that combining two like-minded, community-focused banks will benefit our stakeholders and the region that we serve,” Ray added.
Keefe, Bruyette & Woods, Jones Walker and Covington & Burling advised BancPlus. Piper Sandler and Phelps Dunbar advised First Trust.