LAFAYETTE and METAIRIE, La., July 15,
2011 /PRNewswire/ -- Home Bancorp, Inc. (NASDAQ: HBCP), the
holding company of the 103-year-old Home Bank (www.home24bank.com)
announced the completion of its acquisition of GS Financial Corp.,
the holding company of Guaranty Savings Bank of Metairie, Louisiana. The combined
company has total assets of approximately $975 million, $640
million in loans and $720
million in deposits.
"We welcome Guaranty's customers and associates to the Home Bank
family," said John W. Bordelon,
President and Chief Executive Officer of Home Bancorp and Home
Bank. "Home Bank customers across south Louisiana have embraced our brand of banking
as their ideal alternative to the megabanks. We anticipate
the same reaction in the Greater New
Orleans area."
Stephen E. Wessel, Chief
Executive Officer of Guaranty Savings Bank, has been named Home
Bank's New Orleans Market President.
"Like Guaranty, Home Bank has demonstrated a commitment to
improve the communities we serve," stated Mr. Wessel.
"Together, we understand the role we play in ensuring our
communities thrive – from helping businesses grow to helping
homeowners achieve their dreams. Home Bank's size, strength
and technology leadership greatly enhance our ability to provide
our customers with the financial services they need to
prosper."
Home Bank plans to convert the branch and operating systems of
the former Guaranty Savings Bank locations to those of Home Bank in
September 2011. The Company
expects to realize cost savings of approximately $1.5 million on a pre-tax basis, and anticipates
that the transaction will be over 10% accretive to earnings, once
savings are fully phased in by 2012. The dilution to tangible
book value is expected to be minimal. Merger-related expenses
are expected to total approximately $2.5
million on a pre-tax basis. Following the merger, Home
Bank's capital position remains one of the strongest in the
industry with total risk-based capital near 19%. No
additional capital was needed to complete the transaction.
Shareholders of GS Financial will receive $21.00 per share in cash, resulting in a total
purchase price of $26.4 million.
This news release contains certain forwardlooking
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
forwardlooking statements. Home Bancorp's Annual
Report on Form 10-K for the year ended December 31, 2010, describes some of these
factors, including risk elements in the loan portfolio, the level
of the allowance for losses on loans, risks of our growth strategy,
geographic concentration of our business, dependence on our
management team, risks of market rates of interest and of
regulation on our business and risks of competition. Statements
regarding the timing and success of the integration of GS Financial
Corp., anticipated cost savings, earnings accretion, book value
dilution and merger-related expenses are also forward-looking.
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.
SOURCE Home Bancorp, Inc.