Nicholls Dean Elected President of the Southern Business Administration Association
February 23, 2023
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February 23, 2023
Synergy Bancshares, Inc., Houma, Louisiana (“Synergy Bancshares”), and Peoples Bancshares of Pointe Coupee Parish, Inc., New Roads, Louisiana (“Peoples Bancshares”), today jointly announced the signing of an Agreement and Plan of Reorganization (the “Reorganization Agreement”) under which Synergy Bancshares will acquire Peoples Bancshares and its wholly-owned subsidiary, The Peoples Bank and Trust Company of Pointe Coupee Parish, Louisiana (“Peoples Bank”). Under the terms of the Reorganization Agreement and related transaction documents, Peoples Bancshares will merge with and into Synergy Bancshares, with Synergy Bancshares surviving the merger, and Peoples Bank will merge with and into Synergy Bancshares’ wholly-owned subsidiary, Synergy Bank, with Synergy Bank surviving the merger. Following completion of the transaction, Synergy Bancshares is expected to have approximately $1.1 billion in total assets, $695.0 million in loans, and $1.0 billion in deposits.
Peoples Bank, which operates from its main office in New Roads, Louisiana and three other branches across the greater Baton Rouge metropolitan area, had approximately $337.0 million in assets, $256.7 million in loans, and $273.1 million in deposits as of December 31, 2022. Peoples Bank’s President and Chief Executive Officer, Stephen P. David, will continue to serve as an executive officer of the combined bank following completion of the acquisition.
“Our board has long contemplated a strategic expansion into the Baton Rouge and surrounding area market,” Morris P. Hebert, Synergy Bancshares’ Chairman, said. “We are excited to achieve this goal through a partnership with Peoples Bank and Trust and to expand Synergy Bank’s brand of community banking to Pointe Coupee and the surrounding parishes.”
“As community banks, Synergy Bank and Peoples Bank share similar values of celebrating local culture and a philosophy firmly committed to personalized customer service,” Jerry Ledet, Synergy Bank’s President and CEO, said, “Synergy Bank is proud to become a part of the vibrant and dynamic community of Baton Rouge and beyond. We are committed to fostering growth, development, and prosperity of central Louisiana and the Bayou Region while meeting the unique needs of these communities.”
“Our board and I share in the excitement expressed by Mr. Hebert and Mr. Ledet about this next chapter in our bank’s life,” David said. “Synergy Bank possesses the same passion for community and service that we value in our institution, and we believe the two institutions are a great match. We believe that our partnership with Synergy Bank will further enhance our customer experience and promote long-term value to the communities that we serve.”
The Reorganization Agreement has been unanimously approved by each company’s board of directors. The closing of the transaction, which is expected to occur by end of the third quarter of 2023, is subject to customary conditions, including receipt of regulatory approvals and approval by the shareholders of each of Synergy Bancshares and Peoples Bancshares.
Fenimore Kay Harrison LLP served as legal adviser and CC Capital Advisors served as financial advisor to Synergy Bancshares. Maynard Cooper & Gale P.C. served as legal advisor and American Planning Corporation served as financial advisor to Peoples Bancshares.
