U.S. BancorpSouth Bank to pay $89 mln for 2 banks in Texas and Alabama

11/15/2018 12:05:00 PM (GMT)

U.S.-based bank holding company BancorpSouth Bank is purchasing Grand Bank of Texas, owned by rival Casey Bancorp, and Merchants Bank of Alabama, owned by Merchants Trust of Jackson.

Under the terms of the deal, BancorpSouth Bank will pay $51.75 million in stock and cash to purchase Casey Bancorp of Dallas.

Additionally, BancorpSouth will also pay $37.5 million in stock and cash to buy Merchants Trust of Jackson, Alabama.

Pending approval by shareholders of the acquired banks and regulators, BancorpSouth Bank expects to complete both purchases by June.

BancorpSouth Bank

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