Merchants & Marine Bancorp in Pascagoula, Miss., has agreed to buy Mississippi River Bank in Belle Chasse, La.
The $659 million-asset Merchants & Marine said in a press release that it expects to complete its purchase of the $128 million-asset Mississippi River Bank in the first quarter. The price wasn’t disclosed.
Mississippi River Bank will retain its brand as a division of Merchants & Marine Bank. Mike Bush, Mississippi River Bank’s CEO, and Lisa Works, the bank’s president and chief operations officer, will lead the new division.
“The tradition of top-level financial performance established by Mississippi River Bank’s leadership, paired with their stellar record of service make them an exciting addition to our company,” Clayton Legear, Merchants & Marine’s CEO, said in the release.
National Capital and Maynard Nexsen advised Merchants & Marine. Olsen Palmer and Fenimore Kay Harrison advised Mississippi River Bank.