BancorpSouth announced today it has received regulatory approvals to complete mergers with Monroe-based Ouachita Bancshares Corp., the parent company of Ouachita Independent Bank, and Central Community Corporation, the parent company of First State Bank Central Texas, headquartered in Austin.
The Tupelo, Mississippi-based bank—which has branches in Baton Rouge, Prairieville and Denham Springs—says the mergers are expected to close on January 15. Once complete, BancorpSouth will become the seventh-largest bank in Louisiana, up from 12th and will improve to 29th in deposit market share in Texas, up from 66th, according to a news release.
“Our team is diligently executing our overall strategic plan and these acquisitions are significant to our company and an integral part of our future,” says Dan Rollins, BancorpSouth chairman and chief executive officer, in a statement.
BancorpSouth initially announced its merger with Ouachita Independent Bank in 2014 but withdrew its application after the Federal Reserve Board declined to approve the deal until the bank addressed an issue the FDIC flagged in connection with the Bank Secrecy Act.
The acquisition also stalled because of a 2014 investigation into BancorpSouth’s lending practices in Memphis, The News-Star reports. The Consumer Financial Protection Bureau and the Justice Department conducted the investigation. A settlement from that case allowed the bank to resume its merger efforts.
