MidSouth acquires Texas branch

MidSouth Bank has completed its acquisition of the Beacon Federal branch in Tyler, Texas. Beacon is a wholly owned savings bank of Beacon Federal Bancorp Inc. Over the Dec. 3 weekend, full conversion of systems, products and services took place, and the Tyler branch opened Monday as MidSouth Bank. As part of the transaction, MidSouth Bank acquired $24 million in loans and assumed $80 million in deposits. “We are excited to acquire a branch in the Tyler market in large part because it has a long history associated with the oilfield service industry, which is a key industry for MidSouth,” says C.R. “Rusty” Cloutier, MidSouth Bank’s president and CEO. “This acquisition is another great opportunity for us to meet our goal of expanding our franchise in Texas.” When Beacon Federal was founded almost 60 years ago, it was a member-owned credit union serving the employees of Carrier Corp. In 1999, Beacon became a depositor-owned, federally insured bank, and in 2007 a publicly traded thrift holding company. By joining forces with MidSouth Bank, Beacon is now able to leverage access to MidSouth’s additional products and services and a much larger network of retail banking centers and ATMs. Read this week’s complete 10/12 Corridor newsletter here.