BancorpSouth to buy Texas-based Central Community

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Associated Press

Posted on January 22, 2014 at 6:02 PM

TUPELO, Miss. (AP) — Mississippi's BancorpSouth will acquire Central Community Corp., the parent of Austin-based First State Bank Central Texas, pushing the bank much deeper into the competitive Texas banking market.

BancorpSouth said Wednesday that its offering Central Community stockholders shares of its own stock worth $182.3 million, plus $28.5 million in cash.

If Central Community shareholders and regulators approve, the deal could close by June 30.

After no acquisitions since 2007, it's the second announced in a month by Tupelo-based BancorpSouth. It's also seeking to buy Ouachita Independent Bancorp of Monroe, La., for $115 million in stock and cash. The aggressive moves come after the bank named new CEO Dan Rollins and worked through bad-loan problems that had depressed earnings.

BancorpSouth is scheduled to release fourth-quarter earnings later Wednesday.

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