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BancorpSouth to acquire Casey Bancorp for up to $56.8M in cash and stock deal.

BancorpSouth Bank announced the signing of a definitive merger agreement with Casey Bancorp, Inc. and its wholly-owned subsidiary, Grand Bank of Texas. Upon completion of the merger, Casey Bancorp, Inc. and Grand Bank of Texas will each be merged with and into BancorpSouth Bank. 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, Grand Bank, on a consolidated basis, reported total assets of $353 million, total loans of $249 million and total deposits of $323 million. Under the terms of the merger agreement, BancorpSouth Bank will issue 1,275,000 shares of BancorpSouth Bank common stock, plus $11 million in cash, for all outstanding shares of Casey Bancorp, Inc. capital stock, subject to certain conditions and potential adjustments. The terms of the agreement provide for a collar with respect to the total deal value ranging from $51.75 million to $56.75 million.

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Publication:The Fly
Geographic Code:1U7TX
Date:Nov 13, 2018
Words:183
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