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Bancorpsouth Inc to acquire independent bank headquartered in Austin, TX

Wednesday, 22 Jan 2014 04:05pm EST 

Bancorpsouth Inc:Says the signing of a definitive merger agreement with Central Community Corporation, headquartered in Temple, Texas, whereby Central Community Corporation will be merged with and into BancorpSouth, Inc.Says Central Community Corporation is the parent company of First State Bank Central Texas, which is headquartered in Austin, Texas.Says it has one other acquisition pending, Ouachita Bancshares Corp., which was announced on Jan 8, 2014.Says under the terms of the definitive agreement, it will issue about 7,250,000 shares of BancorpSouth common stock plus $28.5 million in cash for all outstanding shares of Central Community Corporation capital stock, subject to certain conditions and potential adjustments.The terms of the agreement provide that BancorpSouth will acquire Central Community Corporation's interest in First State Bank, Central Community Capital Trust 1, and First Central Union Capital Trust 1.Says prior to the consummation of the transaction, Central Community Corporation will divest its interest in all other subsidiaries which, in aggregate, have book values totaling approximately $12 mln.Says in addition, First State Bank will divest its interest in foreclosed property with book values totaling about $15 million. 

Company Quote

-0.15 -0.74%
1 Oct 2014