Mississippi bank buying banks in Texas and Florida for $187M
TUPELO, Miss. (AP) — A Mississippi bank is buying banks in Texas and Florida.
BancorpSouth of Tupelo announced Tuesday that it has agreed to buy Summit Bank of Panama City, Florida, and Texas Star Bank of Van Alstyne, Texas.
The company will pay $20 million in cash and $80.3 million in stock for Summit Financial Enterprise, parent of the Florida bank with $472 million in assets.
BancorpSouth will pay $20.5 million in cash and $66.2 million in stock for Van Alstyne Financial Corp., parent of the Texas bank with $378 million in assets.
The Mississippi bank says it expects to complete the transactions this year, with acquisitions adding to profits in the first year after combining.
BancorpSouth, with $18 billion in assets, has offices in Mississippi, Alabama, Arkansas, Florida, Louisiana, Missouri, Tennessee and Texas.