First NBC Bank Holding Company signed a definitive agreement to acquire State Investors Bancorp, Inc. for $48.9 million.
As of August 27, 2015, First NBC Bank Holding Company and State Investors Bancorp, Inc. entered into an amendment agreement to extend the expiration date of the agreement from August 30, 2015 to December 31, 2015, increases the merger consideration by an amount equal to 5.0% per annum calculated on a daily basis to reflect the additional time subsequent to August 30, 2015 required to complete the merger and provides for a termination fee of $0.3 million to State Investors Bancorp if the merger is not completed by December 31, 2015. The transaction was approved by the shareholders of State Investors Bancorp, Louisiana Office of Financial Institutions and First NBC Bank's chartering authority. The closing of the transaction is subject to approvals of the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. As reported on September 14, 2015, the transaction is expected to close in the fourth quarter of 2015. As of October 29, 2015, First NBC has received the approval of the Federal Reserve Bank of Atlanta to complete the acquisition, having previously received the approvals of the Federal Deposit Insurance Corporation and the Louisiana Office of Financial Institutions. The transaction is expected to close on or about November 30, 2015, subject to the satisfaction of remaining closing conditions.
Keefe Bruyette & Woods acted as the financial advisor and Geoffrey S. Kay of Fenimore, Kay, Harrison & Ford, LLP acted as the legal advisor for First NBC. Sterne Agee & Leach, Inc. acted as financial advisor and Raymond A. Tiernan and Eric M. Marion of Silver, Freedman, Taff & Tiernan LLP acted as the legal for State Investors. Georgeson Inc. acted as information agent for State Investors Bancorp and will receive a fee of $6000. Sterne, Agee & Leach, Inc. will receive a cash fee of? $1 million and 1.5% of total consideration as fee for its services.