Home » NEWS » Banking & Finance » BancorpSouth to pay $146 million to acquire Texas bank

BancorpSouth to pay $146 million to acquire Texas bank

 BancorpSouth announced Thursday that it will pay $146 million in stock and cash to buy a Texas bank.
Tupelo-based bank would buy Icon Capital Corp, whose Icon Bank has seven offices and $794 million in assets in the Houston area.BancorpSouth will pay stock valued at $128.3 million, plus $17.5 million in cash. The move will more than double BancorpSouth’s presence in Houston, continuing its westward expansion after it purchased another Texas bank and one in Louisiana late last year.

BancorpSouth tells investors that the merger gives it better access to the fast-growing Houston market.

Icon’s top two executives will remain with BancorpSouth after the sale.

BancorpSouth expects to complete the merger during the second half of 2018, adding to profits within a year.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Associated Press

Leave a Reply