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Investar Holding, BOJ Bancshares began 2017 with merger talks

Jackson, La.-based BOJ Bancshares Inc. had for years taken part in informal M&A discussions with various potential partners. It mentions no rivals in a regulatory filing of its merger talks with Investar Holding Corp., but the parties took about seven months to seal the deal.

Investar of Baton Rouge, La., expressed interest in January and submitted a due diligence request in March. The parties signed their confidentiality agreement in April; in May, the would-be acquirer made an offer. A revised bid was executed June 1. The merger agreement, which includes an $890,000 termination fee and reimbursement of up to $250,000, was signed in early August.