BancorpSouth Mergers with Casey & Merchants Receive Regulatory Approval

BancorpSouth Bank received regulatory approvals from the Federal Deposit Insurance Corporation to complete its proposed mergers with Casey Bancorp and its wholly owned subsidiary, Grand Bank of Texas, and with Merchants Trust and its wholly owned subsidiary, Merchants Bank.

The mergers, originally announced on November 13, 2018, are anticipated to close on April 1, 2019, subject to the satisfaction of customary closing conditions. Upon completion of these two mergers, BancorpSouth’s assets will be approximately $18.6 billion.

“We’re excited about receiving regulatory approval for our merger with Grand Bank,” said Dan Rollins, BancorpSouth chairman and CEO. “Its leadership team has done an outstanding job growing the bank, and our combined footprint positions us to be highly competitive in these markets – especially the thriving Dallas-Fort Worth metroplex.”

Michael T. Casey, chairman of the board of directors and CEO of Grand Bank, commented, “We are pleased to be joining a bank that shares our deep commitment to customer service and community values. Through this partnership, we’ll be well-positioned to take what we’ve built over the last 43 years to a higher level.”

Joe L. Bedwell, CEO of Merchants Bank, added, “BancorpSouth’s broad range of products and services, as well as its locations across eight states, will expand our ability to assist customers with their financial needs, allowing us to continue to deliver exceptional service to our customers.”

Upon completion of the merger, Casey will serve as BancorpSouth Bank’s Dallas Area chairman, while Bedwell will serve as BancorpSouth’s Clarke County chairman. Jim Reid, president and chief financial officer of Merchants Bank, will serve as BancorpSouth’s Clarke County President.

Headquartered in Tupelo, MS, BancorpSouth Bank has approximately $18 billion in assets and operates approximately 285 full service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.

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