Investar to enter Alabama with Bank of York deal
Investar Holding in Baton Rouge, La., has agreed to buy Bank of York in Alabama. The $2 billion-asset Investar said in a press release Tuesday that it will pay $15 million in cash for the $99.5 million-asset Bank of York. The deal is expected to close in the fourth quarter. Bank of York, which has $82.3 million in deposits and $46 million in loans, will be allowed to make $1 million in cash distributions to its shareholders prior to closing. The bank has branches in York and Livington, along with a loan production office in Tuscaloosa. The move marks Investar's entry into Alabama.