St. Martin Bancshares agrees to acquire CPB Bancshares

St. Martin Bancshares, Inc., the parent bank holding company of St. Martin Bank & Trust Company, announced it has agreed to acquire CPB Bancshares, Inc. and its wholly-owned subsidiary, Church Point Bank & Trust Company, for cash consideration.
Church Point Bank & Trust, which has assets of approximately $47 million and deposits of approximately $42 million, is based in Church Point and would become a branch of St. Martin Bank & Trust Company as a result of the acquisition.
“This transaction enables us to further expand our geographic footprint within the Acadiana area,” stated President and Chief Executive Officer Paul A. Durand. “We believe that our strong record for serving the small and mid-sized businesses and individuals in our market area will resonate with the customers served by Church Point Bank & Trust. We look forward to providing the bank’s customers with the high level of customer service for which we are known, in addition to a broader range of products and services than are currently available to them.”
Jerome J. Lambert, President and Chief Executive Officer of Church Point Bank & Trust, remarked, “We are pleased to be joining the St. Martin Bank & Trust family and look forward to the benefits that this affiliation will offer our employees and customers, including an expanded branch network throughout the Lafayette metropolitan area. We are excited to join an organization with such a strong commitment to its customers and to community banking and look forward to working to support its continued growth within Church Point and beyond.”
The transaction is subject to regulatory and shareholder approval and is expected to close before the end of the year.
St. Martin Bancshares, Inc. is a bank holding company headquartered in St. Martinville, Louisiana with assets of approximately $460 million as of June 30, 2014. Through its subsidiary, St. Martin Bank & Trust Company, it offers a full range of banking services to commercial and retail customers from 11 banking offices located in St. Martin, Lafayette, Jefferson Davis and Acadia Parishes.