Bancorp South Bank Completes Deal for Texas First Bancshares

https://dailyalts.com/wp-content/uploads/2019/08/Community-Banking.jpg

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…