Alston & Bird client BancorpSouth Bank has signed a definitive agreement to merge with Texas First Bancshares, Inc., the parent company of Texas First State Bank.
Based in Reisel, TX, Texas First Bancshares has six full-service offices in Central Texas and more than $390 million in total assets.
The merger will expand BancorpSouth’s Texas presence by increasing the bank’s deposit market share and providing opportunities for continued expansion along the rapidly growing I-35 corridor between Austin and Dallas/Fort Worth.
Upon completion of the deal, BancorpSouth will have 76 full-service banking offices in Texas, with approximately $3.8 billion in total deposits in Texas and $4.3 billion in total loans.
The merger is anticipated to close during the first half of 2020, pending the receipt of regulatory approval and the satisfaction of other customary closing conditions.
Since the beginning of 2018, Alston & Bird has advised BancorpSouth on six transactions. The most recent deals occurred earlier this year when Alston & Bird represented BancorpSouth in its acquisitions of Summit Financial and Van Alstyne Financial.
Listed on the New York Stock Exchange, BancorpSouth is based in Tupelo, MS, and operates more than 300 branches in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, and Texas, in addition to an insurance location in Illinois. It has approximately $20 billion in assets.
Advising BancorpSouth in the Texas First deal is an Alston & Bird team led by partner Kyle Healy (Corporate & Business Transactions); partner Sandy Brown and associate John Gerl (Financial Services & Products); partner Blake MacKay and counsel Kerry Wenzel (Employee Benefits & Executive Compensation); partner Clare Draper (Labor & Employment); and partner Scott Harty (Federal & International Tax).