By NEMS Daily Journal
TUPELO – BancorpSouth has reached a deal to sell two of its Texas branches to First National Bank of Hughes Springs, Texas.
The agreement involving an office in Maud and another in Redwater is expected to be complete by the end of the year.
The Maud branch already had been targeted for closure by BancorpSouth, which in May announced it was shuttering 23 locations in six states as part of an efficiency plan. It will stay open as a BancorpSouth branch until the the sale to First National is finalized on Dec. 31.
First National will assume the liabilities of both locations, including deposit accounts and some assets, but BancorpSouth’s loans are not included in the deal.
The two branches were acquired by BancorpSouth in 2000, when it acquired United Bancshares.
“We are pleased to enter into this agreement with First National Bank of Hughes Springs,” BancorpSouth Chairman and CEO Aubrey Patterson said in a news release. “We are especially pleased that First National will provide continued service to these Maud and Redwater deposit customers.”