ARTICLE
Recently, BancorpSouth Bank BXS completed its proposed merger with Texas First Bancshares, effective Jan 1, 2020. Notably, the company had announced the acquisition last September, marching ahead with its efforts to strengthen the bank’s footprint through strategic opportunities. Last month, BancorpSouth also received the Federal Deposit Insurance Corporation’s (FDIC) regulatory approval for the completion of this transaction. "We're delighted to announce the completion of our merger with Texas First," said BancorpSouth chairman and chief executive officer Dan Rollins. "Both of our banks share similar philosophies and a strong commitment to our customers and communities. This is a positive step in our growth strategy, and we're excited to welcome Texas First's customers and teammates to BancorpSouth and expand our geographic footprint," Rollins further added. Currently, clients will use existing branches, checks, bank cards, online banking and other banking services as usual. Also, Texas First customers will be informed prior to the system conversions. Founded in 1906, the company and its subsidiary, Texas First State Bank, operate through six banking offices in the Waco, Texas and Killeen-Temple, Texas metropolitan statistical areas. As of June 2019-end, the group reported total assets, loans and deposits of $391.3 million, $162.6 million and $356.6 million, respectively. Terms of the Merger At the time of announcement, the acquisition of Texas First was valued in terms of stock and cash, with a boundary in place for a total deal value of $38.8-$46.5 million. Per the terms, BancorpSouth will issue 1,065,000 shares of common stock and pay $13 million in cash, for all outstanding shares of Texas First, subject to certain conditions and potential adjustments. In order to maintain the deal value within the specified collar, the number of shares of BancorpSouth common stock may be adjusted downward or the cash consideration may be adjusted upward. With this deal, BancorpSouth seeks to boost its deposit market share and exploit opportunities for continued expansion along the rapidly-growing I-35 corridor between Austin and Dallas/Fort Worth, TX. https://finance.yahoo.com/news/bancorpsouth-buyout-spree-closes-texas-132401298.html