TUPELO, Miss. (AP) — A Mississippi bank is buying banks in Texas and Alabama.
BancorpSouth buying again
BancorpSouth Bank announced Tuesday that it’s buying Grand Bank of Texas and Merchants Bank of Alabama.
The Tupelo bank will pay $51.75 million in stock and cash to purchase Casey Bancorp of Dallas, owner of Grand Bank. The Texas bank has four branches and $353 million in assets.
BancorpSouth will pay $37.5 million in stock and cash to buy Merchants Trust of Jackson, Alabama, parent of Merchants Bank. The Alabama bank has six branches and $221 million in assets.
The Mississippi bank says it expects to complete both purchases by June, pending approval by shareholders of acquired banks and regulators.
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