TUPELO, Miss. (WTVA/Press Release) - BancorpSouth Bank recently announced the signing of a definitive merger agreement with Icon Capital Corporation and its wholly owned subsidiary, Icon Bank of Texas, National Association pursuant to which Icon Capital Corporation will be merged with and into BancorpSouth Bank.
Icon operates seven full-service banking offices in the Houston, Texas metropolitan area.
Under the terms of the merger agreement, BancorpSouth Bank will issue 4,125,000 shares of BancorpSouth Bank common stock, plus $17.5 million in cash, for all outstanding shares of Icon Capital Corporation capital stock, subject to certain conditions and potential adjustments.
"We are very pleased to have the opportunity to meaningfully expand our presence in the vibrant Houston, Texas metropolitan area," commented Dan Rollins, Chairman and Chief Executive Officer of BancorpSouth Bank. "We entered this market in 2014 with the opening of loan production offices in Friendswood and Sugar Land, which were recently converted to full-service branches. The co-founders of Icon, Mark Reiley and John Green, are both highly regarded bankers in this market. The Icon team will be an integral part of our ability to continue to grow strategically both broadly as a Company and more specifically in this market."
The merger has been unanimously approved by the Boards of Directors of both companies. The closing of the transaction is subject to certain conditions, including the approval by Icon's shareholders and customary regulatory approvals. The transaction is anticipated to close during the second half of 2018, pending regulatory approval and satisfaction of the other customary closing conditions.