Union Savings and Loan completed its merger with Hibernia Bancorp and its subsidiary Hibernia Bank, with the entire surviving entity called Hibernia. Under the terms of the agreement, Hibernia shareholders received consideration of $32.00 cash per share.
The new full-service community bank will have over $200 million in assets and five offices throughout the New Orleans area. Third generation Union president Stephen Schonberg will serve as president and CEO of Hibernia.
Schonberg noted, “The management teams of both institutions have worked diligently the past several months to prepare for a smooth transition, and we are all delighted with this achievement. The combined bank will enable us to better serve our customers with a greater array of products and services, and an expanded branch network throughout our market area, while providing the same level of excellent personal service for which we are known.”
FIG Partners and Luse Gorman advised Union on the transaction. Banks Street Partners and Silver, Freedman, Taff & Tiernan advised Hibernia.
Founded in 1886, Union Savings and Loan Association provides services to savings and mortgage customers in parishes across the New Orleans metropolitan area.
