METAIRIE, La., June 28, 2007 (PRIME NEWSWIRE) -- Louisiana Bancorp, Inc., the proposed holding company for Bank of New Orleans (the "Bank"), announced that it received regulatory approval to complete the conversion of the Bank from mutual to stock form and to consummate its stock offering of 6,345,732 shares of common stock at $10.00 per share, or $63,457,320. Sandler O'Neill & Partners, L.P. served as financial advisor and marketing agent with regard to the stock offering, which expired on June 14, 2007.
On June 27, 2007, the Bank's Plan of Conversion was approved by the Bank's members at a special meeting.
Louisiana Bancorp expects to complete its conversion and stock offering on or about July 9, 2007, and trading is expected to begin on the Nasdaq Global Market on July 10, 2007, under the symbol "LABC."
Elias, Matz, Tiernan & Herrick L.L.P., Washington, D.C., served as special counsel to Louisiana Bancorp for the conversion and stock offering.
As of March 31, 2007, the Bank had $216.2 million in assets, $147.9 million in deposits and $29.7 million in equity capital. The Bank is a federally chartered savings bank which operates from its headquarters in Metairie, Louisiana and three branch office locations in the greater New Orleans market area.
All valid stock orders received by the Bank were accepted. Subscribers may confirm their stock allocation information by calling the Company's conversion center at (504) 836-8160 after 12:00 noon, July 9, 2007.
This news release contains certain forward looking statements. Forward looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."
Forward looking statements, by their nature, are subject to risks and uncertainties. A number of factors -- many of which are beyond our control -- could cause actual conditions, events or results to differ significantly from those described in the forward looking statements. Louisiana Bancorp's prospectus, dated May 14, 2007, describes some of these factors, including the effects of Hurricane Katrina and our susceptibility to hurricanes and tropical storms in the future, market rates of interest, competition, risk elements in the loan portfolio, general economic conditions, the level of the allowance for losses on loans, geographic concentration of our business, risks of our growth strategy, dependence on our management team and regulation of our business. Forward looking statements speak only as of the date they are made. We do not undertake to update forward looking statements to reflect circumstances or events that occur after the date the forward looking statements are made or to reflect the occurrence of unanticipated events.
This release is neither an offer to sell nor a solicitation of an offer to buy Common Stock, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws or laws of any such state or jurisdiction. The offer is made only by the prospectus. The shares of common stock are not savings accounts or savings deposits, may lose value and are not insured by the federal deposit insurance corporation or any other government agency.