BancorpSouth expanding in central Texas with bank acquisition
BancorpSouth in Tupelo, Miss., has agreed to buy Texas First Bancshares in Waco, Texas.
The $20 billion-asset BancorpSouth said in a press release Monday that it will pay $38.8 million to $46.5 million in cash and stock for the $391 million-asset parent of Texas First State Bank. The deal is expected to close in the first half of 2020.
Texas First has six branches, $163 in loans and $357 million in deposits.
Upon the consummation of the merger, BancorpSouth will have 76 full-service banking offices, five mortgage loan production offices and four insurance offices in Texas with total deposits in Texas of approximately $3.8 billion and total loans of approximately $4.3 billion.
"This merger is a great fit both geographically and culturally,” Dan Rollins, BancorpSouth’s chairman and CEO, said in the release. “It will allow us to enhance our market presence in central Texas, as well as add a great team of bankers who share our focus on customer commitment and community involvement."
Texas First was advised by Sheshunoff & Co. and Hunton Andrews Kurth. BancorpSouth was advised by Alston & Bird and Waller Lansden Dortch & Davis.