BancorpSouth, Inc. announced that its banking subsidiary, BancorpSouth Bank, and the First National Bank of Hughes Springs, Texas, have entered into an agreement under which BancorpSouth will sell to First National its two banking locations in Maud and Redwater, Texas. The transaction will be effective at the close of business on December 31, 2011. At that time, First National will assume the operation of the BancorpSouth branches.
The sale will consist of all BancorpSouth liabilities at the two locations, including deposit
accounts, and certain assets. BancorpSouth’s loan-related assets associated with these two locations will not be part of the sale.
BancorpSouth acquired the Maud and Redwater branches in 2000 as part of the First United Bancshares merger. The Maud branch had been included in BancorpSouth’s previously announced plans to close 23 branch locations in six states, effective August 26, 2011.
The Maud location will remain open as a branch of BancorpSouth until the effective date of the sale to First National on December 31, 2011.
In addition to the main office at Hughes Springs, the bank operates branch locations in Daingerfield, Omaha, Liberty City, Atlanta, Queen City, Jefferson, Harleton and Winona, Texas.
BancorpSouth, Inc., is a financial holding company headquartered in Tupelo, Mississippi, with $13.4 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 312 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois.
Topics Texas
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