MidSouth Bank and First Louisiana National Bank Announce Purchase Agreement

MidSouth Bancorp, Inc. MSL, announced today that its subsidiary, MidSouth Bank, N.A., has signed a definitive agreement with First Louisiana National Bank, a wholly owned subsidiary of First Bankshares of St. Martin, Ltd, to purchase substantially all of the assets and liabilities of the Breaux Bridge-based bank for approximately $11.5 million in cash and 725,000 shares of MidSouth's common stock. First Louisiana National Bank, with total assets of approximately $115 million, has three banking centers. In addition to its headquarters on Mills Avenue in Breaux Bridge, it also has locations in Lafayette and St. Martinville. The transaction, which is subject to shareholder and regulatory approvals, is expected to close before the end of the year.