Eureka Homestead Bancorp in Metairie, La., has agreed to sell to an investor group.
The $104 million-asset company said in a press release that Eureka Investor Group, comprised of bank investors, will pay about $13 million in cash. Prior to closing, the company will be allowed shareholder a special dividend.
The investor group plans to raise at least $43 million to fund the purchase price and infuse capital into the bank. The deal is expected to close in the first half of next year.
Eureka Investor Group includes Lisa Narrell-Mead and Bob Goldstein.
“We are committed to the customers and employees and are making a significant investment into the bank which will allow us to improve our offerings of products, technology and convenience while maintaining an exceptional customer experience,” Narrell-Mead, Eureka Investor Group’s chairman, said in the release.
Eureka Homestead Bancorp was advised by Performance Trust Capital Partners and Luse Gorman. Eureka Investor Group was advised by Otteson Shapiro.