The Bank Slate


Regulatory delays lead Louisiana banks to call off merger

MC Bancshares in Morgan City, La., and Heritage NOLA Bancorp in Covington, La., have called off their planned merger.

The $454 million-asset MC Bancshares agreed in July 2023 to buy the $171 million-asset Heritage NOLA in a roughly $6.5 million deal that was supposed to close by the end of last year.

MC Bancshares withdrew its application to buy Heritage NOLA in mid-March. Regulatory delays led the banks to ultimately scrap plans to merge.

Each bank will bear its own costs and expenses. No termination fees will be paid.

“While it is unfortunate that we could not finalize this deal, MC Bank remains a very strong and well-capitalized community bank,” Chris LeBato, the bank’s president and CEO, said in a press release. “We will continue to focus on our human-centric approach to banking and on strengthening the communities we serve, while staying ready for new partnership opportunities.”

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