BancorpSouth to buy National United in Texas

BancorpSouth Bank in Tupelo, Miss., has agreed to buy National United Bancshares in Gatesville, Texas.

The $24 billion-asset BancorpSouth said in a press release Wednesday that it will pay about $115 million in cash and stock for the $749 million-asset National United. The deal is expected to close in the first half of next year.

National United, founded in 1889, has six branches, $451 million of loans and $673 million of deposits.

"We're excited to announce this agreement we began exploring before the COVID-19 pandemic," Dan Rollins, BancorpSouth’s chairman and CEO, said in the release.

BancorpSouth, led by CEO Dan Rollins, has announced its first bank purchase since the onset of the pandemic.
BancorpSouth, led by CEO Dan Rollins, has announced its first bank purchase since the onset of the pandemic.

"It was important for both of our companies to take time to understand and evaluate the potential impact the pandemic would have on the potential merger,” Rollins added. “This merger creates an excellent opportunity to broaden our central Texas presence and continue to expand in key markets.”

Eugene Worthington, National United’s president and CEO, would become an area chairman at BancorpSouth.

National United was advised by Stephens and Fenimore, Kay, Harrison & Ford. BancorpSouth was advised by Alston & Bird and Waller Lansden Dortch & Davis.

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