BancorpSouth Inc. said late Thursday that it is selling a pair of Texas branches to First National Bank of Hughes Springs in Texas.
The sale is part of the $13.3 billion-asset company's plan to unload 23 branches across six states this month to reduce costs.
The $211 million-asset First National is buying a branch in both Maud and Redwater, Texas, on Dec. 31. The deal includes the branches’ liabilities and certain assets. The companies did not reveal the price.
BancorpSouth in Tupelo, Miss., gained the branches from its 2000 acquisition of First United Bancshares. BancorpSouth announced plans to shed branches after posted a surprise first-quarter loss. It has since rebounded, earning $12.8 million in the second quarter.