Louisiana, Mississippi banks merge under First Bank and Trust brand

New Orleans CityBusiness, Oct 28, 2008 by Reports

First Trust Corp. plans to merge all of its banks under the First Bank and Trust name, a move officials say will extend its brand, capital, products and services to more customers in Louisiana and Mississippi.

Under the plan, Peoples Bank of Louisiana and First Bank and Trust of Mississippi will be merged into First Bank and Trust, which has eight branches in the New Orleans area and Baton Rouge. Peoples Bank, headquartered in Amite, has branches in Greensburg, Hammond, Kentwood and Prairieville. FBT of Mississippi is headquartered in Winona, Miss., with branches in Madison, Biloxi and Ocean Springs.

"As we continue to add new products for customers and open more banking locations to enhance convenience, we'll be able to operate as one entity in all of our markets," said Joe Canizaro, FBT chairman.

Four FBT branches are under construction in Louisiana: two in Lafayette; a new, larger branch in Covington; and one in Springfield. These new locations will bring the total number of FBT branches to 20.

Applications for the mergers have been filed with the Federal Deposit Insurance Corp. and the offices of financial institutions in Louisiana and Mississippi. The transaction could be completed by the end of the year.

Mickey Brown, FBT president and CEO, said the transaction will reduce expenses associated with operating multiple brands and charters, provide an effective and efficient organizational structure for future growth and increase the company's competitive strength.

Because all three banks already share the same computer systems, no conversion of customer data would be required. In addition, there would be no effect on jobs.

Brown will continue as president and CEO of FBT. Russell Conger of Peoples Bank and Stephen Dickey of FBT of Mississippi will continue to lead their markets.