TUPELO, Miss., Aug. 4, 2011 /PRNewswire/ -- BancorpSouth, Inc. (NYSE: BXS) announced today that its banking 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. The transaction will be effective at the close of business on December 31, 2011. 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 August 26, 2011. The Maud location will remain open as a branch of BancorpSouth until the effective date of the sale to First National on December 31, 2011.
Aubrey Patterson, BancorpSouth Chairman and CEO said, "We are pleased to enter into this agreement with First National Bank of Hughes Springs. We are especially pleased that First National will provide continued service to these Maud and Redwater deposit customers."
"We look forward to providing our financial services to the Maud and Redwater customers in these outstanding communities and surrounding areas," added First National Bank of Hughes Springs President, Mayo Kasling, Jr.
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.
BancorpSouth, Inc., is a financial holding company headquartered in Tupelo, Mississippi, with $13.4 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 312 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois.
Forward Looking Statements:
Certain statements contained in this news release may not be based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by reference to a future period or by the use of forward-looking terminology, such as "expect," "may," "will," "could," or "plan," or future or conditional verb tenses, and variations or negatives of such terms. These forward-looking statements include, without limitation, those relating to the consummation of the branch sale, the terms of the branch sale and acceptance by customers of BancorpSouth of First National Bank's products and services.
SOURCE BancorpSouth, Inc.