BancorpSouth Bank completed the acqusition of Texas First Bancshares, Inc.
January 31, 2019
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BancorpSouth Bank (NYSE:BXS) signed a definitive merger agreement to acquire Texas First Bancshares, Inc. for $44.3 million on September 23, 2019. As per the terms, BancorpSouth will issue 1.065 million shares of common stock, plus $13 million in cash. The terms of the merger agreement provide for a collar with respect to the total deal value ranging from $38.8 million to $46.5 million. If necessary, the number of shares of BancorpSouth common stock may be adjusted downward or the cash consideration may be adjusted upward to accommodate the respective boundaries of the collar. Upon closing, Texas First will be merged with and into BancorpSouth. As of June 30, 2019, Texas First reported total assets of $391.3 million. Texas First’s team will be joining BancorpSouth. Upon completion of the transaction, Rodney Kroll, Chairman and Chief Executive Officer of Texas First will serve as BancorpSouth's chairman for the Waco, Texas area. The merger has been unanimously approved by the boards of directors of both companies. The transaction is subject to the receipt of regulatory approval, the approval of Texas First shareholders and the satisfaction of other customary closing conditions. As of December 17, 2019, Federal Deposit Insurance Corporation approved the merger. The merger is anticipated to close during the first half of 2020. As of December 17, 2019, the transaction is expected to close on January 1, 2020. The transaction is expected to be EPS accretive for the first year of combined operations. Sheshunoff & Co. Investment Banking LP acted as financial advisor and Hunton Andrews Kurth LLP acted as legal counsel to Texas First. Sanford Brown and Kyle Healy of Alston & Bird LLP and Waller Lansden Dortch & Davis, LLP served as legal counsel to BancorpSouth.
BancorpSouth Bank (NYSE:BXS) completed the acqusition of Texas First Bancshares, Inc. on January 1, 2020.
Cadence Bank (the Bank) is a regional banking franchise with approximately 350 branch locations across the South and Texas. The Bank provides consumers, businesses, and corporations with a range of banking and financial solutions. The Bank's services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, small business administration (SBA) lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management. The Bank offers baking solution in checking accounts, savings accounts, mortgages, investment management, credit cards, online and mobile banking, debit cards, treasury management, wealth management, trusts, business loans, business online banking, and merchant services.