Beacon Federal Sells Tyler, Texas Branch To MidSouth Bank - Quick Facts
(RTTNews) - Beacon Federal Bancorp Inc. (BFED
),the holding company for Beacon Federal or the "Bank", announced that the Bank has entered into a definitive agreement with MidSouth Bank, N.A. to sell its only Texas branch office in Tyler, Texas to MidSouth.
Under the terms and conditions of the transaction, MidSouth will acquire the Bank's Tyler, Texas branch office location and assume approximately $77 million of deposits for a premium of approximately 4%.
MidSouth will also purchase approximately $26 million in loans as well as certain other assets, including premises and equipment associated with the Bank's Texas branch. The transaction is expected to close during the fourth quarter of 2011. The Bank will continue to operate its six other branch offices.
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