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New Orleans' Union Savings, Hibernia complete merger

New Orleans-based Union Savings and Loan Association has completed its acquisition of in-state peer Hibernia Bancorp Inc.

Under the deal, Hibernia Bancorp shareholders will receive $32.00 cash per share.

In connection with the deal close, Union is changing its name to Hibernia Bank. The combined entity has more than $200 million in assets and five offices throughout the New Orleans area.

Union was advised by FIG Partners LLC and Luse Gorman PC. Hibernia Bancorp was advised by Banks Street Partners LLC and Silver Freedman Taff & Tiernan LLP.