The Lafayette-based bank announces it will buy a Beacon Federal Bank branch in Tyler, Texas, for $3.3 million and also purchase $26 million in loans and assume more than $77 million in deposits.
Lafayette-based MidSouth Bank announced another acquisition this week with its plans to purchase a branch of Beacon Federal Bank in Tyler, Texas.
According to a release from MidSouth, the agreement outlines a $3.3 million purchase price, as well as the buying of $26 million in loans from Beacon and assuming more than $77 million in deposits.
Pending regulatory and shareholder approval, the bank expects the deal to close by Dec. 31.
"We are excited to acquire a branch in the Tyler market, a market that has a long history associated with the oilfield service industry, a key industry for MidSouth," says MidSouth CEO and President Rusty Cloutier. "Building on a healthy consumer business developed by Beacon and MidSouth's history of indirect lending in the Tyler market, coupled with our recent acquisitions in Dallas-Fort Worth, we continue to increase our franchise value as we grow our presence in the attractive Texas market."
For more on the acquisition, visit the MidSouth website and search under the "Investor Relations" tab.