BancPlus in Ridgeland, Miss., has agreed to buy State Capital in Greenwood, Miss.
The $2.9 billion-asset BancPlus said in a press release Friday that it will pay $136.5 million for the $1.2 billion-asset parent of State Bank & Trust. The deal is expected to close in the first quarter.
The deal will allow BancPlus to enter new markets in Alabama and Louisiana. State Bank has 34 branches, $1 billion in deposits and $900 million in loans.
Kirk Graves, State Bank’s CEO, will join BancPlus’ senior executive management team.
"This merger not only represents two of Mississippi's oldest banks coming together with shared values and strong roots in the communities we serve, it also represents an even stronger bank going forward, focused on the future and exceeding the expectations of our customers," William Ray, BancPlus’ president and CEO, said in the release.
Keefe, Bruyette & Woods and Jones Walker advised BancPlus. Stephens Inc. and Adams & Reese advised State Capital.
