Heritage NOLA Bancorp, Inc. Announces Application Status and Shareholder Approval for Proposed Merger With M C Bancshares, Inc.

Rhea-AI Summary

Heritage NOLA Bancorp, Inc. (HRGG) announces that M C Bancshares, Inc. and M C Bank & Trust Company have withdrawn their applications to acquire the company, but the merger agreement remains in effect. Shareholders approved the merger in October 2023.

COVINGTON, La., March 13, 2024 /PRNewswire/ -- Heritage NOLA Bancorp, Inc. (the "Company") (OTC Pink Marketplace: "HRGG"), the holding company of Heritage Bank of St. Tammany, Covington, Louisiana, announced today that it has been informed that M C Bancshares, Inc. ("M C Bancshares") and M C Bank & Trust Company, Morgan City, Louisiana, have withdrawn their applications to acquire the Company (the "Merger"). However, the merger agreement among the parties remains in effect at this time and M C Bancshares, in consultation with the Company, is evaluating the refiling of applications in the near term. At this time, the Company is unable to provide any additional information as to whether or when the Merger will close.

The Company's shareholders approved the Merger at a special meeting of shareholders on October 5, 2023.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include statements regarding the anticipated closing date of the Merger and anticipated future results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include regulatory processing issues, higher than anticipated transaction costs, greater than expected after-tax unrealized losses in the parties' securities portfolios, liquidity issues, difficulties in achieving cost savings from the Merger, increased competitive pressures, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the banking business, changes in the securities markets and other risks and uncertainties.

About Heritage NOLA Bancorp, Inc.

Heritage NOLA Bancorp, Inc. is the holding company for Heritage Bank of St. Tammany, a federally chartered savings bank. The Bank, founded in 1924, is a community bank providing a variety of financial services to residents and businesses in and around St. Tammany Parish, Louisiana. To learn more about us, visit www.heritagebank.org.

Contact:

David Crumhorn, President and CEO
Telephone: (985) 892-4565

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SOURCE Heritage NOLA Bancorp, Inc.

FAQ

Why did M C Bancshares, Inc. and M C Bank & Trust Company withdraw their applications to acquire Heritage NOLA Bancorp, Inc. (HRGG)?

M C Bancshares, Inc. and M C Bank & Trust Company have withdrawn their applications to acquire Heritage NOLA Bancorp, Inc. (HRGG) for reasons undisclosed in the press release.

When did the shareholders of Heritage NOLA Bancorp, Inc. (HRGG) approve the Merger?

The shareholders of Heritage NOLA Bancorp, Inc. (HRGG) approved the Merger at a special meeting on October 5, 2023.

Is the Merger between Heritage NOLA Bancorp, Inc. (HRGG) and M C Bancshares, Inc. still happening?

The Merger between Heritage NOLA Bancorp, Inc. (HRGG) and M C Bancshares, Inc. is still under evaluation, with the possibility of refiling applications in the near term.