BancorpSouth Bank received the necessary regulatory approvals from the Federal Deposit Insurance Corporation and the Mississippi Department of Banking and Consumer Finance to complete its proposed mergers with Ouachita Bancshares, parent company of Ouachita Independent Bank, and Central Community Corporation, parent company of First State Bank Central Texas.
Subject to the completion of customary closing items, the mergers are expected to close effective January 15, 2018.
“We are pleased to have secured the necessary regulatory approvals and are working to complete both transactions,” said Dan Rollins, BancorpSouth chairman and CEO. “Adding OIB strengthens our competitive position along the I-20 corridor in Louisiana. The addition of CCC expands our capabilities in vibrant markets in and around Austin, Texas, a hotbed of growth and economic activity.”
Kevin Koh, CEO of Ouachita Bancshares, added, “BancorpSouth is a great cultural fit with an operating style that is very similar to that of our company. Both banks have a longstanding reputation for their commitment to the communities they serve as well as the customer-focused models that both operate.”
Upon completion of these two mergers, BancorpSouth will become the seventh largest bank in Louisiana and will improve to 29th largest in deposit market share in Texas.