BancPlus Corporation, the parent company of BankPlus, has completed its previously announced acquisition of State Capital, the parent company of State Bank & Trust.
As per the agreement, State Bank has been fully merged into BankPlus.
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The combined company has approximately $4.1bn in assets, $3.6bn in deposits and $3bn in gross loans according to financial data as of 31 December 2019.
The conversion of State Bank accounts is anticipated to occur in June this year.
Following the conversion, State Bank customers can access new technology and banking services including wealth management and full-service mortgage resources.
BankPlus president and CEO William Ray said: “We are excited to welcome State Bank’s clients, shareholders and team members to the BankPlus family.
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By GlobalData“This merger represents two of Mississippi’s oldest banks coming together with a shared banking philosophy, developed over generations of serving communities and businesses.”
Through the acquisition of State Bank, BankPlus aims to expand its footprint in Mississippi and create the sixth-largest bank by deposits in the state.
Founded in 1909 and headquartered in Mississippi, BankPlus has 80 banking locations in Mississippi, Alabama and Louisiana.
It offers a wide range of internet banking services and full-service commercial banking, mortgage lending and wealth management services.
