NEW ORLEANS - Union Savings and Loan Association is acquiring Hibernia Bancorp Inc. and its wholly owned subsidiary, Hibernia Bank, in a deal valued at $28.2 million.

New Orleans CityBusiness reports Tuesday's announcement represents an all-cash transaction valued at $32 per share. The merger plans to result in a community bank with five offices and more than $200 million in assets.

Union plans to change its name to "Hibernia Bank" at the transaction's closing, which is expected to be completed in 2018's second quarter.

Union Savings President and CEO Stephen H. Schonberg, in a news release, said the combination of their local community institutions will provide all current and future customers with greatly enhanced banking opportunities.

Hibernia Chairman, President and CEO A. Peyton Bush, III, says the transaction will "benefit our stockholders and customers."