Mississippi bank buying banks for $187M, one with North Texas connections

TUPELO, Miss. (AP) — A Mississippi bank is buying banks in Texas and Florida.

BancorpSouth of Tupelo announced Tuesday that it has agreed to buy Summit Bank of Panama City, Florida, and Texas Star Bank of Van Alstyne, Texas. Texas Star has eight locations in North Texas, primarily in the Collin County area. BancorpSouth has two mortgage locations in Plano and Dallas and a branch in McKinney.

The company will pay $20 million in cash and $80.3 million in stock for Summit Financial Enterprise, parent of the Florida bank with $472 million in assets.

BancorpSouth will pay $20.5 million in cash and $66.2 million in stock for Van Alstyne Financial Corp., parent of the Texas bank with $378 million in assets.

- FWBP Digital Partners -

The Mississippi bank says it expects to complete the transactions this year, with acquisitions adding to profits in the first year after combining.

BancorpSouth, with $18 billion in assets, has offices in Mississippi, Alabama, Arkansas, Florida, Louisiana, Missouri, Tennessee and Texas.