MC Bank to Acquire Heritage NOLA Bancorp, Inc.

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FOR IMMEDIATE RELEASE

July 7, 2023

Morgan City, LA MC Bancshares, Inc., MC Bank and Trust Company's holding arm, and Heritage NOLA Bancorp, Inc, the holding company of Heritage Bank of St Tammany headquartered in Covington, have announced that the two financial institutions have entered into a definitive merger agreement that will result in MC Bancshares acquiring Heritage NOLA Bancorp.

The all-cash merger consideration was unanimously adopted by both MC Bancshares's and Heritage NOLA's boards and will be equal to the value of Heritage's adjusted tangible shareholders' equity at the time of closing plus $6.5M.

"We are pleased to announce that we are partnering with Heritage Bank to expand our presence in St. Tammany Parish," said Chris LeBato, Chief Executive Officer of MC Bank & MC Bancshares "As local Louisiana banks, we share similar core values and a relationshipcentric approach to serving the communities that we are fortunate to be a part of This transaction is a very natural and contiguous expansion of our current footprint."

David Crumhorn, President & CEO of Heritage NOLA & Heritage Bank, stated, "We are thrilled about this combination with MC Bank. The infrastructure that has been assembled at MC Bank over the years will enable our customers to access a substantial product offering while still receiving the local decision making and the exceptional service they have become accustomed to at Heritage Bank. Our collective corporate values and culture are closely aligned."

"This is an exciting and monumental moment for MC Bank and St. Mary Parish," said Evan Boudreaux, Director of St Mary Economic Development "Since opening their doors in 1955 in Morgan City, MC Bank has consistently demonstrated a commitment to their clients and our community through exemplary business practices and a focus on providing highquality service. I congratulate everyone at MC Bank for this achievement, and for showing what St. Mary Parish businesses are capable of."

Following approval from both regulators and Heritage NOLA's shareholders, the transaction is expected to close in the fourth quarter of 2023. At that time, Heritage Bank will be merged with and into MC Bank, with MC Bank as the surviving entity. MC Bank will continue to operate Heritage Bank's offices as branch offices of MC Bank.