- BancorpSouth Bank (NYSE:BXS) gets regulatory approvals from the Federal Deposit Insurance Corp. to complete its mergers with Summit Financial Enterprises, parent of Summit Bank N.A., and with Van Alstyne Financial, the parent of Texas Star Bank.
- The mergers are expected to close on Sept. 1, 2019.
- As of June 30, 2019, Texas Star and Summit collectively reported total assets of $905.6M, total loans of $610.7M and total deposits of $799.8M.
- BancorpSouth will issue 2.5M shares of stock and $20M in cash for Summit Financial and will issue 2.1M shares of stock and $20.5M in cash for Van Alstyne.