FDIC Approves BancorpSouth Mergers with Summit, Texas Star

BancorpSouth Bank received regulatory approvals from the FDIC to complete its proposed mergers with Summit Financial Enterprises, the parent company of Summit Bank, and with Van Alstyne Financial, the parent company of Texas Star Bank.

The mergers, originally announced on March 5, 2019, are anticipated to close on September 1, 2019, subject to the satisfaction of customary closing conditions. As of June 30, 2019, Texas Star and Summit collectively reported total assets of $905.6 million, total loans of $610.7 million and total deposits of $799.8 million.

“We’re pleased to receive approval to merge with such a strong organization as Summit,” said Dan Rollins, chairman and CEO of BancorpSouth Bank. “Summit’s experienced bankers and stellar reputation across its communities will position us for success along Florida’s Emerald Coast.”

Andy Stein, president and CEO of Summit, added, “The entire Summit team is looking forward to joining forces with BancorpSouth. We’re excited to leverage BancorpSouth’s strengths, resources and broader array of financial services for our customers and communities.”

Upon completion of the transaction, Stein will serve as president – Northwest Florida Division.

“We’re [also] excited to welcome Texas Star to the BancorpSouth family,” Rollins said. “This merger will allow us to combine with a successful community bank that has been serving its communities since 1890 and continue our strategic growth in the Dallas-Fort Worth, Texas CMSA.”

Randle Jones, president of Texas Star Bank, added, “BancorpSouth is the perfect partner for us to build upon our proud legacy. We’re confident that BancorpSouth will provide our customers with the same community bank feel they currently enjoy, as well as all of the benefits that come with being a regional bank.”

Upon completion of the transaction, Jones will serve as President – Grayson County Market.

Headquartered in Tupelo, MS, BancorpSouth Bank has approximately $19 billion in assets and operates approximately 295 full-service branch locations, along with mortgage, insurance and loan production offices, in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.

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