BancorpSouth (BXS) in Tupelo, Miss., has acquired Knox Insurance Group in Lafayette, La.
The $13 billion-asset company did say how much it paid for the insurance agency, which produces annual revenues of roughly $3 million. Dwayne David and Randall Bonaventure, who owned Knox, will continue to operate the business.
The agency's offerings include workers compensation, business auto, property and casualty, and general/umbrella liability. Its client base includes agricultural processing, construction, energy, manufacturing, marine, medical, and transportation.
"The Knox acquisition gives us an opportunity to meaningfully expand our market share in Southwest Louisiana," Dan Rollins, BancorpSouth's chief executive, said in a press release. "Knox has a strong track record of revenue growth as well as a number of large commercial relationships adding significant value to our current book of business."
BancorpSouth has announced several acquisitions since Rollins became CEO, including two banks: Central Community in Temple, Texas, and Ouachita Bancshares in Monroe, La. It also agreed to buy an insurance agency in Houston.