By Associated Press - Wednesday, April 11, 2018

NEW ORLEANS (AP) - A bank and a savings and loan based in New Orleans say federal and state agencies have approved their planned merger.

Union Savings and Loan Association and Hibernia Bancorp Inc. said in December that Union planned to buy Hibernia and change its own name to Hibernia Bank.

The two said in a news release Wednesday that the Federal Deposit Insurance Corp., the Federal Reserve System board and the Louisiana Office of Financial Institutions all have approved the deal.

Union shareholders must still approve the name change and other charter amendments.

The institutions said in December that Union would pay $32 per share for Hibernia in an all-cash deal worth about $28.2 million and create a community bank with five offices and over $200 million in assets.

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