TUPELO — BancorpSouth Inc.’s 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.
Terms were not disclosed.
The transaction will be effective at the close of business Dec. 31. 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 Aug. 26. The Maud location will remain open as a branch of BancorpSouth until the effective date of the sale to First National on Dec. 31.
Established in 1903, The First National Bank of Hughes Springs is a family owned bank and a subsidiary of the Chalybeate Springs holding company. 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.