Keefe, Bruyette & Woods Sees In-Market Acquisition as Good for First NBC Bank Holding Company

In a report published Wednesday, Keefe, Bruyette & Woods analyst Catherine Mealor reiterated a Market Perform rating and $38.00 price target on

. In the report, Keefe, Bruyette & Woods noted, “NBCB announced the acquisition of State Investors Bancorp (SIBC), a $268 million thrift with 4 offices in the New Orleans area, for $51 million in cash. We view this small (7% of assets), in-market deal as relatively low risk, and high expected cost savings (55%) should drive 4% accretion in 2016.” First NBC Bank Holding Company closed on Tuesday at $34.92.