BancPlus Corporation, the parent company of BankPlus, has signed definitive merger agreement to acquire State Capital for nearly $136.5m.
As part of the deal, State Capital’s banking subsidiary State Bank & Trust Company (State Bank) with merge into BankPlus.
The combination of two Mississippi-based lenders will create the sixth largest bank by deposits in the state. Furthermore, BankPlus will enter Louisiana and Alabama markets through this acquisition.
The merged bank will boast nearly $4.2bn in assets, based upon financial data as of 30 June this year.
BankPlus president and CEO William A. Ray said: “This merger not only represents two of Mississippi’s oldest banks coming together with shared values and strong roots in the communities we serve, it also represents an even stronger bank going forward, focused on the future and exceeding the expectations of our customers.”
Established in 1898, State Bank offers commercial and consumer banking services to individuals, SMEs and other organisations. It operates 34 branches in Mississippi, Southern Louisiana and South Alabama.
State Bank CEO Kirk A. Graves will join BankPlus senior executive management team, following the merger.
Graves said: “BankPlus is one of the fastest growing banks in Mississippi, and we look forward to joining a team so dedicated to its customers and employees.”
The State Capital acquisition is expected to close in the first quarter of next year. The completion is subject to customary closing conditions including regulatory approvals and green light from the shareholders of State Capital.