BancorpSouth acquires Monroe-based bank

Tupelo, Miss.-headquartered BancorpSouth has announced an agreement to acquire Monroe-based Ouachita Bancshares Corp. and its main subsidiary, Ouachita Independent Bank. It’s BancorpSouth’s first acquisition since 2007, the company says in a news release. BancorpSouth officials said OIB reported total assets of $652.5 million, loans of $477.8 million and total deposits of $549.7 million on Dec. 31, 2013. Under the agreement, The Associated Press reports, BancorpSouth will issue a maximum of 3.6 million shares of common stock plus $22.875 million in cash for the outstanding charges of Ouachita Bancshares. The terms of the agreement provide for a collar with respect to the total deal value ranging from $99 million to $112 million. If necessary, the share count will be adjusted downward or the cash consideration adjusted upward to accommodate the respective boundaries of the collar. “This transaction will give us the opportunity to significantly enhance our market share in both the Monroe-West Monroe and Shreveport-Bossier City markets. It will also provide an opportunity to enter the Bastrop market, a market which we’ve not previously served,” says BancorpSouth CEO Dan Rollins. The merger has been unanimously approved by the boards of directors of both companies and is expected to close during the second quarter of this year. OIB has 12 full-service banking offices in Louisiana, with six in Monroe-West Monroe, four in Shreveport-Bossier City and two in Bastrop. It also has loan production offices in Natchitoches and Madison, Miss. Read the full story.