TUPELO, Miss., Dec. 27, 2017 /PRNewswire/ -- BancorpSouth
Bank (NYSE: BXS) today announced it has received regulatory
approvals from the Federal Deposit Insurance Corporation and the
Mississippi Department of Banking and Consumer Finance, necessary
to complete the proposed mergers of Ouachita Bancshares Corp.,
parent company of Ouachita Independent Bank (collectively, "OIB"),
headquartered in Monroe, Louisiana
and Central Community Corporation, parent company of First State
Bank Central Texas (collectively, "CCC"), headquartered in
Austin, Texas with and into
BancorpSouth Bank.
Subject to the completion of customary closing items, the
mergers are expected to close effective January 15, 2018.
"We are pleased to have secured the necessary regulatory
approvals and are working to complete both transactions," said
Dan Rollins, BancorpSouth Chairman
and Chief Executive Officer. "Our team is diligently executing our
overall strategic plan and these acquisitions are significant to
our company and an integral part of our future."
"Adding OIB strengthens our competitive position along the I-20
corridor in Louisiana," Rollins
added. "The addition of CCC expands our capabilities in vibrant
markets in and around Austin,
Texas, a hotbed of growth and economic activity."
Kevin Koh, Chief Executive
Officer of Ouachita Bancshares Corp. added, "BancorpSouth is a
great cultural fit with an operating style that is very similar to
that of our company. Both banks have a longstanding
reputation for their commitment to the communities they serve as
well as the customer-focused models that both operate. We believe
these core similarities will make for a seamless and successful
transition over to BancorpSouth Bank."
Donald Grobowsky, Chairman,
President, and Chief Executive Officer of Central Community
Corporation stated, "We are excited about the additional products,
services, and resources that our partnership with BancorpSouth will
provide to our customers. Both organizations are built on superior
customer service and a commitment to the communities they serve. We
look forward to partnering with the entire BancorpSouth team and
contributing to the growth and success of our combined franchise."
Upon completion of the merger with CCC, Grobowsky will become a
member of the board of directors of BancorpSouth.
Upon completion of these two mergers, BancorpSouth will become
the 7th largest bank in Louisiana, up from 12th and will
improve to 29th in deposit market share in Texas, up from 66th.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with $14.8 billion in assets. BancorpSouth operates
234 full-service branch locations as well as additional mortgage,
insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is
committed to a culture of respect, diversity, and inclusion in both
its workplace and communities. To learn more, visit our Community
Commitment page at www.bancorpsouth.com; "Like" us on Facebook; follow us on
Twitter @MyBXS; or connect with us through LinkedIn.
About First State Bank Central Texas
First State Bank Central Texas is a community bank chartered in
1909 and headquartered in Austin,
Texas. The bank's mission is helping communities achieve and
today it operates 31 branches in 13 counties throughout
Central Texas and the Texas Hill
Country. First State Bank Central Texas has $1.4 billion in assets and is a subsidiary of
Central Community Corporation. To learn more visit
www.fsbcentex.com.
About Ouachita Independent Bank
Ouachita Independent Bank is a community bank located in
Ouachita, Morehouse, Caddo and Bossier parishes in Louisiana. A subsidiary of Ouachita Bancshares
Corp., Ouachita Independent Bank has 12 banking locations and
$730 million in total assets.
Ouachita Independent Bank is committed to responsibly giving back
to the Louisiana parishes where it
is rooted. To learn more visit www.OIBank.com.
Forward Looking Statements
Certain statements contained in this news release may not be
based upon historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). These forward-looking statements may
be identified by their reference to a future period or periods or
by the use of forward-looking terminology such as "anticipate,"
"believe," "could," "continue," "seek," "intend," "estimate,"
"expect," "foresee," "hope," "intend," "may," "might," "plan,"
"should," "predict," "project," "goal," "outlook," "potential,"
"will," "will result," "will likely result," or "would" or future
or conditional verb tenses and variations or negatives of such
terms. These forward-looking statements include, without
limitation, those relating to the timing and closings of the
proposed mergers with OIB and CCC, the benefits and synergies
expected from the proposed mergers with OIB and CCC, and the
ability of BancorpSouth to close the proposed mergers with OIB and
CCC in a timely manner or at all.
The Company cautions readers not to place undue reliance on the
forward-looking statements contained in this news release, in that
actual results could differ materially from those indicated in such
forward-looking statements as a result of a variety of factors.
These factors may include, but are not limited to, the ability of
BancorpSouth to close the proposed mergers with OIB and CCC, the
ability of BancorpSouth to satisfy the conditions to the closings
of the proposed mergers with OIB and CCC, the failure of the
proposed mergers with OIB and CCC to close for any other reason,
the ability of BancorpSouth to meet expectations regarding the
timing, completion and accounting and tax treatments of the
proposed mergers with OIB and CCC, the potential impact upon
BancorpSouth of any further delay in the closings of the proposed
mergers, the possibility that any of the anticipated benefits of
the proposed mergers with OIB and CCC will not be realized or will
not be realized as expected, the acceptance by customers of OIB and
CCC of BancorpSouth's products and services if the proposed mergers
close,, other factors generally understood to affect the assets,
business, cash flows, financial condition, liquidity, prospects
and/or results of operations of financial services companies and
other factors that were previously detailed from time to time in
the Company's press and news releases, reports and other filings
with the Federal Deposit Insurance Corporation.
Forward-looking statements speak only as of the date that they were
made, and, except as required by law, the Company does not
undertake any obligation to update or revise forward-looking
statements to reflect events or circumstances that occur after the
date of this news release.
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SOURCE BancorpSouth Bank