Bancorp South Bank Completes Deal for Texas First Bancshares
The deal creates a new firm with $21 billion in assets.
Bancorp South Bank announced the completion of its acquisition of Texas First Bancshares, the parent company of Texas First State Bank.
Following the deal, Bancorp South now has $21 billion in assets. It operates approximately 310 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, and Texas. It also has an insurance location in Illinois.
Bancorp South Bank and Texas First State
Before the completion of the merger, Texas First operated 27 branches with total assets of $391.3 million. It also had total loans of $162.6 million and total deposits of $356.6 million. The merger will expand BancorpSouth’s presence in Central Texas. It will also provide opportunities for continued expansion along the rapidly growing I-35 corridor between Austin, Texas and Dallas/Fort Worth, Texas.
“We’re delighted to announce the completion of our merger with Texas First,” said BancorpSouth chairman and CEO 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.”
Bancorp Souths Board of Directors also announced last month that BancorpSouth Bank had authorized a new share repurchase program. The firm will purchase up to an aggregate of eight million shares of BancorpSouth’s common stock. This new share repurchase program will become effective January 2, 2020, and will expire on December 31, 2020.
Related: Community Banking: Cambridge Financial Group Will Buy Melrose Bancorp
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