MidSouth Bancorp's subsidiary MidSouth Bank has completed its acquisition of the Texas-based Beacon Federal Branch, a wholly owned savings bank of Beacon Federal Bancorp.
As part of the transaction, MidSouth Bank acquired $24m in loans and assumed $80m in deposits.
MidSouth Bank president and CEO C.R. Cloutier said that this acquisition is another great opportunity for them to meet their goal of expanding their franchise in Texas. The bank continues to look for opportunities in Texas where it can provide competitive financial services to customers.
In addition, MidSouth Bank has also completed the purchase of substantially all of the assets and liabilities of First Louisiana National Bank, a wholly owned subsidiary of First Bankshares, for $11.5m in cash.
First Louisiana National Bank, with total assets of approximately $115m, has three banking centers.
Cloutier added that the acquisition will significantly increase the number of locations existing First Louisiana National Bank customers can access across Acadiana, as MidSouth Bank has 20 banking centers throughout the region, including nine in the Lafayette market.