Home Bancorp Announces FDIC-Assisted Acquisition Of Certain Deposits And Certain Assets Of Statewide Bank
LAFAYETTE, La., March 12 /PRNewswire-FirstCall/ -- Home Bancorp, Inc. (Nasdaq: HBCP) (the "Company"), the holding company for Home Bank ( www.home24bank.com), a Federally chartered savings bank headquartered in Lafayette, Louisiana, announced that Home Bank has entered into a purchase and assumption agreement with loss share arrangements with the Federal Deposit Insurance Corporation ("FDIC") to purchase certain assets and to assume certain deposits and other liabilities of Statewide Bank, a full service community bank headquartered in Covington, Louisiana.
As a result of the transaction, Home Bank will expand its market area through Statewide Bank's six banking offices which are located in Covington, Madisonville, Mandeville, Abita Springs, Slidell and Folsom, Louisiana. Under the terms of the agreement with the FDIC, Home Bank will acquire approximately $225 million of assets, including approximately $150 million of loans (before loan discounts). Home Bank will assume approximately $225 million in deposits and certain other liabilities. The loss sharing agreement between the FDIC and Home Bank covers substantially all acquired loans and foreclosed real estate.
"We welcome Statewide Bank's customers to the Home Bank family," said John W. Bordelon, President and Chief Executive Officer of the Company and Home Bank. "Those customers now bank with one of the strongest community banks in the country. We expect our new customers will be very pleased with the level of service and array of products we provide. We also welcome the employees of Statewide Bank. Given the difficulties faced by Statewide over the past year, their commitment and dedication to serving customers is admirable."
"This acquisition provides an ideal opportunity to expand our company into the Northshore (of Lake Pontchartrain) market," added Mr. Bordelon. "We now serve three of the most economically vibrant markets in Louisiana, including our existing presence in Lafayette and Baton Rouge. We are very excited to bring our unique approach to community banking to the Northshore."Upon completion of the acquisition, Home Bank will continue to be "well capitalized" under applicable bank regulatory standards and will require no additional capital to complete this transaction.
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