TUPELO, Miss. (WTVA) – BancorpSouth Bank has received approval to complete the mergers of two out-of-state banks.
The Tupelo-based bank announced it has received regulatory approvals from the Federal Deposit Insurance Corporation and the Mississippi Department of Banking and Consumer Finance.
This is necessary to complete the proposed merger of Ouachita Bancshares Corp, parent company of Ouachita Independent Bank, headquartered in Monroe, Louisiana.
This was also necessary to complete the merger of Central Community Corporation, parent company of First State Bank Central Texas, headquartered in Austin, Texas, with and into BancorpSouth Bank.
Subject to the completion of customary closing items, the mergers are expected to close effective Jan. 15, 2018.
“Our team is diligently executing our overall strategic plan and these acquisitions are significant to our company and an integral part of our future,” said Dan Rollins, BancorpSouth Chairman and CEO.
He says adding Ouachita will strengthen the bank’s competitive position along the Interstate 20 corridor in Louisiana. The addition of Central Community Corporation will expand the bank’s capabilities in markets in and around Austin.
Upon completion of these two mergers, BancorpSouth will become the 7th largest bank in Louisiana, up from 12th. In Texas, this will improve the bank’s position to 29th in deposit market share, up from 66th.