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Heritage NOLA Bancorp, Inc. (OTC Pink Marketplace: HRGG), established in 1924 and headquartered in Covington, Louisiana, operates as a savings and loan holding company for Heritage Bank of St. Tammany. The bank serves its clients through three branches located in Slidell, Covington, and Madisonville. Heritage NOLA Bancorp offers a comprehensive range of financial services designed to meet the varied needs of both individuals and businesses in the region.
The company’s deposit products include noninterest-bearing and interest-bearing demand deposit accounts, savings accounts, NOW accounts, and certificates of deposit. The loan portfolio is diverse, encompassing one- to four-family residential real estate loans (including non-owner-occupied properties and home equity lines of credit), commercial real estate loans, land, construction, and multifamily loans. Additionally, Heritage NOLA Bancorp provides consumer loans and purchases commercial business loans.
Recently, the company has been in the spotlight due to a significant merger agreement with MC Bancshares, Inc., the parent company of M C Bank & Trust Company. The merger, expected to close in the fourth quarter of 2023, will see MC Bancshares acquiring Heritage NOLA Bancorp. This strategic partnership aims to expand MC Bancshares' footprint in St. Tammany Parish, leveraging shared core values and a relationship-centric approach to provide enhanced financial services.
Heritage NOLA Bancorp continues to be an integral part of the local community, ensuring its customers receive personalized service and access to an expanded product range through ongoing partnerships and strategic expansions. The company's financial health remains robust, supported by a diversified loan portfolio and a stable base of deposit accounts.
Key Highlights:
- Founded in 1924 and headquartered in Covington, Louisiana.
- Operates through branches in Slidell, Covington, and Madisonville.
- Offers a wide range of deposit and loan products.
- Significant upcoming merger with MC Bancshares, Inc.
- Focuses on personalized service and community engagement.
On June 14, 2024, MC Bancshares and Heritage NOLA Bancorp announced the termination of their proposed merger. Originally agreed upon on July 6, 2023, the merger was called off due to regulatory uncertainties and the merger approval process. The termination was mutually approved by the boards, with both parties agreeing to bear their own costs without penalties. Heritage announced on March 13, 2024, that MC Bancshares had withdrawn its acquisition applications. Both companies expressed confidence in their future prospects post-termination.
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