NATCHITOCHES, La. – BOM announced today the signing of a definitive purchase and assumption agreement with Tri-State Bank and Trust pursuant to which BOM will acquire substantially all of the assets and assume substantially all of the liabilities associated with the two branches of Tri-State Bank and Trust located in Haughton and Shreveport, Louisiana.
In conjunction with the proposed transaction, Tri-State Bank and Trust will initiate the process to voluntarily liquidate and dissolve, and will cease operations as a commercial bank upon completion. Following the acquisition, BOM is expected to have approximately $300 million in total assets and approximately $275 million in total deposits. The terms of the definitive purchase and assumption agreement were not disclosed.
BOM currently operates nine locations in Grant, Natchitoches, Sabine, Bienville and Bossier parishes, and will expand to 11 locations with the addition of Tri-State Bank and Trust’s branches in Haughton and Shreveport.
Closing of the proposed transaction is expected to occur in the third quarter of 2016, and it is subject to customary conditions, including regulatory approval and approval by the shareholders of Tri-State Bank and Trust.
Tri-State Bank and Trust President Ed Kennon anticipates a smooth transition. “BOM offers a wide variety of products and services that add value for our customers,” Kennon said. “Bank staff in Haughton and Shreveport will remain in those locations, making for a seamless transition.”
BOM President and CEO Ken Hale welcomed Tri-State Bank.
“We are thrilled to welcome Tri-State’s staff and customers into the BOM family. We were founded on the principle of commitment to our local communities, and that remains the same today.”
BOM was advised by the law firm of Fenimore, Kay, Harrison & Ford, LLP and Jeff Fair with American Planning Corporation. Tri-State Bank and Trust was advised by the law firm of Pickering & Cotogno.
BOM was established in 1903 in Montgomery, Louisiana and has a strong tradition of supporting the northwest Louisiana communities in which it operates, combining hometown values with modern, full service personal and business banking products in a number of convenient locations. For more information, visit bofm.com.
About Tri-State Bank and Trust
Tri-State Bank and Trust was established in 1989 in Haughton, Louisiana. Tri-State Bank and Trust provides a full range of deposit and loan services from its two locations in Haughton and Shreveport, Louisiana.