Opelousas, La.-based Catalyst Bancorp is expanding in the western part of the state acquiring Lakeside Bancshares for $41.1 million. .The deal is expected to close later this year. Catalyst Bancorp is the holding company for Catalyst Bank. Lake Charles-based Lakeside Bancshares is the holding company for Lakeside Bank.The combined company is expected to have $627.3 million in assets, nearly $400 million in loans and $470 million in deposits. As of the end of last year, Lakeside had $385.7 million in assets, $236.3 million in loans and four branches in Calcasieu Parish. As of Jan. 30, Catalyst Bancorp had $279 million in assets, $190 million in deposits and a half-dozen branches. Lake Charles is more than 90 miles southwest of Opelousas, and 35 miles east of the Texas state line. The deal more than doubles the size of Catalyst Bancorp, said President and CEO Joe Zanco, “and significantly enhances our earnings and future growth potential. Our leadership team’s merger experience positions us to immediately play offense in adding customers in Southwest Louisiana.“Lakeside Bank has built a tremendous reputation across Southwest Louisiana,” he added. “Bringing our organizations together allows us to build on that strong foundation. We look forward to working with the team at Lakeside to enhance our collective investment in growing the region’s economy.” Investment bank Brean Capital, New York City, is financial adviser to Catalyst, with New Orleans-based Jones Walker LLP legal adviser. Sheshunoff & Co. Investment Banking, Austin, Texas, was financial adviser to Lakeside, with Little Rock, Ark.-based Fenimore Kay Harrison LLP as legal adviser.
