Grand Bank of Texas signs merger agreement with BancorpSouth
Grand Bank of Texas will be acquired by BancorpSouth Bank, based in Tupelo, Mississippi, after a definitive merger agreement was signed Nov. 13. Grand Bank of Texas has two branches in the Highland Lakes: Horseshoe Bay and Marble Falls (pictured). Staff photo by Jared Fields
FROM STAFF REPORTS
Grand Bank of Texas — with locations in Marble Falls and Horseshoe Bay — signed a definitive merger agreement with BancorpSouth Bank (NYSE: BXS), according to a BancorpSouth Bank media release Nov. 13.
Grand Bank has four offices. The other are two located in Dallas and Grand Prairie.
BancorpSouth Bank operates 285 full-service branch locations plus additional offices in eight Southern states, including Texas. The Tupelo, Mississippi-based bank operates 59 offices in Texas, including 32 in Central Texas.
“We’re always looking for ways to provide customers with a better banking experience, and this merger will help us to continue those efforts,” said Steven Smith, vice chairman of the board of Grand Bank. “We’re excited about the opportunity to offer expanded products, services, and resources to benefit the Texas Hill Country market as well as additional convenient locations through BancorpSouth’s branches in the nearby communities of Lampasas, Llano, Burnet, and Kingsland.”
Smith, after the merger, will serve as BancorpSouth’s Texas Hill Country chairman.
The company expects the merger to be complete during the first half of 2019.
“Grand Bank is an ideal partner for BancorpSouth,” said Richard Proctor, BancorpSouth Bank’s Texas Hill Country Division president. “Combining the banks will strengthen our ability to support the financial growth of our customers and help businesses thrive. I’m looking forward to the significant impact we will have in the market.”
According to the company’s website, BancorpSouth began in Verona, Mississippi, in 1876 when a mercantile store received a charter to set up a bank in the store.
BancorpSouth expanded into Texas between 2014 and 2016 and, more recently, acquired First State Bank of Central Texas and its 38 branches.