Mississippi bank to buy struggling Louisiana bank with Plano, other locations for $213M

GULFPORT, Miss. (AP) — A Mississippi bank is buying a Louisiana bank and also expanding its Texas footprint.

Hancock Whitney Corp. of Gulfport announced Tuesday that it will buy MidSouth Bancorp of Lafayette for $213 million in stock.

MidSouth has been losing money, struggling with bad loans. MidSouth sold more stock, closed branches and sold off some loans. But it again posted a loss Tuesday, losing $6.6 million in 2019’s first quarter.

Adding MidSouth’s $1.7 billion in assets will put Hancock Whitney over $30 billion in assets. The larger bank says it will spend $38 million on the merger, cutting MidSouth’s expenses by half or more. Hancock Whitney says the acquisition will add to profits beginning in early 2020.

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MidSouth will give Hancock Whitney offices in northern Louisiana and Dallas for the first time.

Midsouth has locations in Plano, Mesquite, Rockwall and Greenville.