Plans underway for MRB to be sold to investment group
River Road Financial Corporation has reached an agreement to purchase Belle Chasse-based Mississippi River Bank, but operations will continue as normal for customers and employees.
A Jan. 7 press release from River Road, the group of New Orleans investors driving the acquisition, announced that the Belle Chasse and Port Sulphur branches of Mississippi River Bank will remain open while the company expands, adding a branch on Veterans Memorial Boulevard in Metairie. River Road is selling stock with the goal of raising $50 million to buy out Mississippi River Bank’s current shareholders.
Mike Bush, who has served as president of Mississippi River Bank for 35 years, and Chief Financial Officer Lisa Works will remain in their executive positions. All other Mississippi River Bank employees “will be retained to ensure continuity of service and relationships with existing customers,” according to the release. Bush and River Road CEO Alton McRee both confirmed the details of the sale and the retention of employees last week.
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