On December 11, 2017, Union Savings and Loan Association (“Union”), New Orleans, Louisiana, and Hibernia Bancorp, Inc. (“Hibernia Bancorp”), New Orleans, Louisiana, entered into a definitive merger agreement pursuant to which Union will acquire Hibernia Bancorp and its wholly-owned subsidiary, Hibernia Bank, with Union as the resulting institution. Hibernia Bancorp stockholders will receive $32.00 in cash for each share of Hibernia Bancorp common stock. The total merger consideration will be approximately $28.2 million.
Luse Gorman served as legal counsel to Union in the transaction. The Luse Gorman team was led by Kip Weissman (Corporate/M&A) and Ned Quint (Corporate/M&A) and included Max Seltzer (Executive Compensation).
Union has approximately $82.7 million in total assets and operates from its main office and one branch office.
Hibernia Bank has approximately $136.5 million in total assets and operates from its main office and two branch offices.