BancorpSouth selling two branches in Texas
by MBJ Staff
Published: August 8,2011
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Omega Protein shifting vessels to Mississippi
- PSC unanimously rejects Entergy-ITC proposed merger
- Bankrupt Simply Wheelz chooses prevailing bidder for assets
- IKE TROTTER: There are primary changes in Social Security for 2014
- Company mulling plan to build new pipeline
- CARTOON — Nobile illustrates Thad Cochran's most significant advantage over the competition
- Conservator: Schools had too many employees
- Judge denies ex-mayor's motion to vacate Katrina-related conviction
- Wiseman retiring after nearly 30 years with Stennis Institute
- Real estate developer to plead guilty to wetlands violation