TUPELO • BancorpSouth’s mergers with banks in Florida and Texas have received final regulatory approval from the Federal Deposit Insurance Corporation.
The mergers, which are expected to close on Sept. 1, will complete BancorpSouth’s acquisition of Summit Financial Enterprise, Inc., the parent company of Summit Bank, National Association, and with Van Alstyne Financial Corp., the parent company of Texas Star Bank.
Originally announced on March 5, 2019, the mergers will add more than $905 million in total assets to BancorpSouth’s portfolio. The two banks also have total loans of $610.7 million and total deposits of $799.8 million.
“We’re pleased to receive approval to merge with such a strong organization as Summit,” said Dan Rollins, Chairman and Chief Executive Officer of BancorpSouth Bank. “Summit’s experienced bankers and stellar reputation across its communities will position us for success along Florida’s Emerald Coast.”
After the merger is complete, Andy Stein, president and CEO of Summit will serve as President – Northwest Florida Division for BancorpSouth
“We’re excited to welcome Texas Star to the BancorpSouth family,” Rollins said. “This merger will allow us to combine with a successful community bank that has been serving its communities since 1890 and continue our strategic growth in the Dallas-Fort Worth, Texas CMSA.”
Randle Jones, president of Texas Star Bank, will serve as president – Grayson County Market once the merger is complete.
The Summit and Texas Star mergers are the seventh for BancorpSouth since January 2018.
In January of that year it completed its long-awaited $325 million acquisitions of two financial holding companies, Central Community Corp. and Ouachita Banchares Corp. Central was the parent company of First State Bank Central Texas, and Ouachita was parent of Ouachita Independent Bank. In October 2018, it completed its $152 million merger with Houston, Texas-based Icon Capital Corp. That added $741 million in assets.
BancorpSouth announced two mergers in November: Merchants Trust Inc., which is based in Jackson, Alabama, and Casey Bancorp and its subsidiary, Grand Bank of Texas. Those two agreements, completed in April, were valued at about $100 million and added more than $570 million in assets.
BancorpSouth Bank now has more than $19 billion in assets and has some 295 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.