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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.