Synergy Bancshares in Houma, La., has agreed to buy Peoples Bancshares of Pointe Coupee Parish in New Roads, La.
The $763 million-asset Synergy said in a press release that it expects to complete the purchase of the parent of the $337 million-asset Peoples Bank in the third quarter. The price wasn’t disclosed.
Synergy will enter the Baton Rouge, La., market with the acquisition. Peoples has four branches, $257 million of loans and $273 million of deposits.
Stephen David, Peoples’ president and CEO, will serve as an executive officer of Synergy after the deal closes.
Synergy “is proud to become a part of the vibrant and dynamic community of Baton Rouge and beyond,” Jerry Ledet, Synergy’s president and CEO, said in the release.
Fenimore Kay Harrison and CC Capital Advisors advised Synergy. Maynard Cooper & Gale and American Planning Corp. advised Peoples.