TUPELO, Miss. (AP) — A Mississippi bank has completed its purchase of a Texas bank for $152 million in cash and stock.
BancorpSouth Bank announced that it completed the acquisition of Icon Capital Corp. of Houston on Monday.
Adding Icon's $741 million in assets and seven offices roughly triples the size of BancorpSouth's presence in Houston. BancorpSouth says it will open two more branches that Icon planned in coming months.
It's BancorpSouth's third acquisition in recent years, boosting assets to $18 billion. The purchase price included $17.5 million in cash, with the remainder in BancorpSouth stock.
Icon customers will switch to BancorpSouth systems later this year.
BancorpSouth says the acquisition will add to profits within a year.
The Tupelo-based bank now has 285 branches in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.
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