By Dennis Seid
BancorpSouth is moving deeper into Texas, acquiring Central Community Corp., parent of First State Bank Central Texas.
First State Bank has 31 branches and is the largest independent bank headquartered in Austin, Texas.
The move will boost BancorpSouth’s market share from No. 65 in the state to No. 29.
With the move, BancorpSouth is adding nearly $1 billion in deposits.
The value of the merger is $209.5 million, the company said.
Central Community Corp. has total assets of $1.3 billion, total loans of $555.5 million and total deposits of $1.1 billion.
Under the terms of the definitive agreement, BancorpSouth will issue approximately 7,250,000 shares of BancorpSouth common stock plus $28.5 million in cash for all outstanding shares of Central Community Corporation capital stock.