KAPLAN, La. — b1BANK has reached an agreement to sell its Kaplan branch to Currency Bank, the institutions announced Friday. The deal, expected to close in the second quarter, marks a significant development for both banks. Terms of the transaction were not disclosed.
Currency Bank, which operates locations in Baton Rouge, Oak Grove, and Eudora, Arkansas, will expand its footprint in Louisiana with the Kaplan branch, its fourth location. The branch had $55.1 million in deposits as of June 30, 2024, according to Federal Deposit Insurance Corp. data.
Collaboration Drives the Sale
b1BANK CEO Jude Melville said the decision to sell the Kaplan branch came after Currency Bank expressed interest.
“We weren’t looking to divest this one, but Currency Bank was interested, and we like them,” Melville said. “They’re a good partner, and this move made sense for both sides.”
Melville emphasized that the decision aligns with b1BANK’s focus on fostering positive outcomes for its customers and the local community.
Strategic Growth for Currency Bank
Currency Bank President and CEO Scott Gaudin highlighted the importance of the Kaplan branch to the bank’s growth strategy.
“This is a wonderful community that has supported community banks for decades,” Gaudin said.
Gaudin added that the acquisition would strengthen Currency Bank’s presence in south Louisiana and move the bank into a new market. He noted the deal is a strategic fit due to Currency Bank’s group of shareholders in the Acadiana region.
Plans are in place to retain the current staff of the Kaplan branch, ensuring a smooth transition for customers.