Alston & Bird client BancorpSouth Bank has entered into a definitive merger agreement with Houston-based Icon Capital Corporation and its wholly owned subsidiary, Icon Bank of Texas, National Association, for $176 million in cash and stock.
Based in Tupelo, MS, BancorpSouth has maintained a presence in Houston since 2014 and will double its footprint in the region upon completion of the transaction. The combined company will have nearly $1 billion in loans and $740 million in deposits in the Houston metropolitan area.
The merger has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2018.
Alston & Bird is a leader in banking and thrift M&A. In 2017, the firm ranked fourth in deal volume and ninth in deal value among more than 100 bank and thrift legal advisors tracked by S&P Global Market Intelligence (formerly SNL Financial).
Advising BancorpSouth is an Alston & Bird team led by partners Sandy Brown and Kyle Healy, senior associate David Park, and associates John Gerl and Bart Nebergall (Financial Services & Products); partner Clare Draper (Labor & Employment); partners Blake MacKay and John Shannon, counsel Kerry Wenzel, and associate Meredith Gage (Employee Benefits & Executive Compensation); and partner Brian Harvel and associate Seth Buchwald (Federal & International Tax).