BancorpSouth announces acquisitions in Florida, Texas
BancorpSouth Bank in Tupelo, Miss., has agreed to buy two banks.
The $18 billion-asset company said in separate press releases Tuesday that it will pay up to $86.7 million for Van Alstyne Financial in Texas and up to $107.5 million for Summit Financial Enterprises in Panama City, Fla.
Van Alstyne is the parent company of the $378 million-asset Texas Star Bank. Texas Star, founded in 1890, has eight branches, $317 million in loans and $329 million in deposits. It also has a loan production office in Durant, Okla.
Texas Star “is a great opportunity for us to expand our presence in the booming Dallas-Fort Worth area,” Dan Rollins, BancorpSouth’s chairman and CEO, said in a release. “Texas Star is a well-established bank with a strong customer base and deep relationships within its communities.”
Summit Financial is the parent of the $472 million-asset Summit Bank. It has four branches in the Florida Panhandle, along with $297 million in loans and $402 million in deposits.
BancorpSouth only has one branch and a loan production office in Florida.
Andy Stein, Summit’s president and CEO will become BancorpSouth’s Florida chairman.
BancorpSouth said it expects to close both deals in the second half of 2019.
Texas Star was advised by Piper Jaffray and Fenimore, Kay, Harrison & Ford. Summit was advised by Raymond James and Silver, Freedman, Taff & Tiernan.
Alston & Bird advised BancorpSouth on both deals. Waller Lansden Dortch & Davis provided advice on the Van Alstyne acquisition, while Waller Lansden Dortch & Davis was an adviser for the Summit purchase.