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MidSouth Bancorp Announces Agreement To Acquire Beacon Federal Branch In Tyler, TX

Thursday, August 18, 2011 - 2:36 PM
From PR Newswire via Yahoo! Finance
MidSouth Bancorp, Inc. ("MidSouth"), announced today that its subsidiary, MidSouth Bank, N.A., has entered into an agreement with Beacon Federal ("Beacon"), a wholly owned federal savings bank of Beacon Federal Bancorp, Inc., to acquire its branch located in Tyler, Texas.  As part of the branch acquisition, MidSouth expects to purchase approximately $26 million in loans and to assume over $77 million in deposits at an estimated 4% deposit premium. The branch acquisition is subject to a number of conditions, including regulatory approvals and other customary closing conditions.  MidSouth expects to close the acquisition by December 31, 2011.

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