MidSouth Bancorp Inc. in Lafayette, La., has agreed to buy a branch in Tyler, Texas, from Beacon Federal Bancorp Inc.
The $1.2 billion-asset MidSouth said it would pay a 4% deposit premium for the branch's $77 million deposits. It will also buy $26 million in loans. The deal is expected to close by the end of the year.
Rusty Cloutier, MidSouth's president and chief executive, said in a press release Wednesday that Tyler is a center for oilfield activity, a key industry for his company.
Beacon Federal, which is based in East Syracuse, N.Y., said in a separate press release on Wednesday that the deal allows the company to narrow its reach and focus on New York, Massachusetts and Tennessee.