Planters in Mississippi to Buy Covenant Bank

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Planters Holding in Indianola, Miss., has agreed to buy Covenant Financial in Clarksdale, Miss.

The companies did not disclose financial terms of the deal, which is expected to close by the end of this year.

The $855 million-asset Planters has 13 branches along the Mississippi Delta. The $223 million-asset Covenant has five branches in Mississippi and an office that serves Memphis, Tenn.

The company would have the eighth-largest bank in Mississippi, based on a combined 1.86% deposit market share, according to the most recent data from the Federal Deposit Insurance Corp.

Keefe, Bruyette & Woods and Jones Walker advised Planters. Gerrish McCreary Smith advised Covenant.

Andy Peters

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