Press Release November 27, 2018

BancorpSouth Bank to Acquire Casey Bancorp and Merchants Trust

Alston & Bird client BancorpSouth Bank has announced plans to acquire Casey Bancorp Inc. and its subsidiary, Grand Bank of Texas, and Merchants Trust Inc. and its wholly owned subsidiary, Merchants Bank, in two separate transactions.

The deals, which will broaden BancorpSouth’s footprint in Texas and Alabama, are subject to shareholder and regulatory approval and other customary closing conditions and expected to close in the first half of 2019.

Once the transactions are completed, both Casey Bancorp and Merchants Trust, along with their subsidiaries, will be merged with BancorpSouth.

For Casey Bancorp, which is based in Grand Prairie, TX, and has four branches and $353 million in assets, BancorpSouth will pay $51.75 million in stock and cash, with a collar that ranges between $51.75 million and $56.75 million.

For Merchants Trust, BancorpSouth will pay $37.5 million in stock and cash, with a collar that ranges from $37.5 million to $43 million. Merchants Trust is headquartered in Jackson, AL, and has six branches and $221 million in assets.

These are BancorpSouth’s fourth and fifth acquisitions in 2018. In April, Alston & Bird represented BancorpSouth in purchasing Icon Capital Corporation and its wholly owned subsidiary, Icon Bank of Texas, National Association.

Based in Tupelo, MS, and listed on the New York Stock Exchange, BancorpSouth has approximately $18 billion in assets and operates 285 branches in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, and Texas, in addition to an insurance location in Illinois.

Advising BancorpSouth in the Casey Bancorp and Merchants Trust deals is an Alston & Bird team led by partners Sandy Brown and Kyle Healy and associate John Gerl (Financial Services & Products), partner John Shannon (Employee Benefits & Executive Compensation), partner Scott Harty (Federal & International Tax), and partner Clare Draper (Labor & Employment).
Media Contact
Nicholas Clarke
Senior Communications Manager
Phone: 212.210.1222
This website uses cookies to improve functionality and performance. By continuing to browse this site, you are consenting to the use of cookies on this website. For details, see our Privacy Statement