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

WhataBummer | Aug 18, 2011 | 412 posts since 2010

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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