Home » NEWS » Banking & Finance » BankPlus Corp. announces acquisition of State Capital Corp.

BankPlus Corp. announces acquisition of State Capital Corp.

BankPlus Corp., the parent  of BankPlus, and State Capital Corp., the parent of State Bank & Trust Company have announced the signing of a definitive agreement under which BankPlus and State Capital will merge. Subject to the terms of the merger agreement, State Capital shareholders will receive shares of BancPlus’ common stock for each outstanding share of State Capital common stock. The transaction is valued at approximately $136.5 million in the aggregate, or $38.75 per State Capital share.

Based upon financial data as of June 30, the combined company will have approximately $4.2 billion in assets, deposits of $3.7 billion, and gross loans of $3.1 billion. The merger agreement has been unanimously approved by the board of directors of each company and is expected to close in the first quarter of 2020, pending customary closing conditions, including receipt of required regulatory approvals and the approval by the shareholders of State Capital.

Founded in 1898, State Bank operates 34 branches in Mississippi, Louisiana and Alabama. State Bank is the 10th largest financial institution headquartered in Mississippi, ranking 17th in deposit market share.

At June 30, State Bank had approximately $1.2 billion in total assets, $1 billion in deposits and

$900 million in gross loans. BankPlus’ acquisition of State Bank builds upon its presence throughout Mississippi creating the 6th largest bank by deposits in the state. In addition, through the merger, BankPlus will enter markets in Louisiana and Alabama.

Upon completion of the merger, Kirk A. Graves, chief executive officer of State Bank, will join the senior executive management team of BankPlus. “We are excited to join a well-regarded institution with strong community banking roots in Mississippi,” remarked Graves. “BankPlus is one of the fastest growing banks in Mississippi, and we look forward to joining a team so dedicated to its customers and employees.”

“This merger not only represents two of Mississippi’s oldest banks coming together with shared values and strong roots in the communities we serve, it also represents an even stronger bank going forward, focused on the future and exceeding the expectations of our customers,” said William A. Ray, President and CEO of BankPlus.

Keefe, Bruyette & Woods, Inc. served as financial adviser, and Jones Walker LLP served as legal counsel to BankPlus. Stephens Inc. served as financial adviser, and Adams and Reese LLP served as legal counsel to State Capital.

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