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Mississippi bank buys banks in Texas, Alabama for about $90M

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TUPELO, Miss. (AP) — A Mississippi bank is buying banks in Texas and Alabama, including locations in North Texas.

BancorpSouth Bank announced Tuesday that it’s buying Grand Bank of Texas and Merchants Bank of Alabama.

The Tupelo bank will pay $51.75 million in stock and cash to purchase Casey Bancorp of Dallas, owner of Grand Bank. The Texas bank has four branches and $353 million in assets.

BancorpSouth will pay $37.5 million in stock and cash to buy Merchants Trust of Jackson, Alabama, parent of Merchants Bank. The Alabama bank has six branches and $221 million in assets.

The Mississippi bank says it expects to complete both purchases by June, pending approval by shareholders of acquired banks and regulators.

BancorpSouth has $18 billion in assets with 285 branches in Mississippi, Alabama, Arkansas, Florida, Louisiana, Missouri, Tennessee and Texas.

Grand Bank operates four full-service banking offices in the cities of Dallas, Grand Prairie, Horseshoe Bay and Marble Falls, all in Texas. BancorpSouth Bank operates 59 full-service banking offices in Texas, including two in the Dallas – Fort Worth metroplex and 32 in Central Texas.

As of September 30, 2018 (unaudited), Grand Bank, on a consolidated basis, reported total assets of $353 million, total loans of $249 million and total deposits of $323 million.

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