The locations of two shuttered Hancock Whitney-owned banks have been scooped up by BancorpSouth Bank and South Louisiana Bank in separate sales that closed last week, according to records filed with the East Baton Rouge Parish Clerk of Court’s office.
In a deal filed Tuesday, Mississippi-based BancorpSouth Bank purchased the former MidSouth Bank branch on the corner of Siegen Lane and Industriplex Boulevard for almost $2.3 million, or $884 per square foot. The seller was Hancock Whitney Corp., which a few months ago completed its purchase of the Lafayette-based MidSouth for some $214 million.
Records also show BancorpSouth has filed for an occupancy permit to operate a bank out of the 2,800-square-foot building. Once open, the branch would mark the bank’s latest addition to its local footprint, which includes five branches, three insurance offices and $215 million in deposits in the Baton Rouge metro area as of June 30, according to the FDIC.
Meanwhile, Hancock Whitney also sold its former branch located near the intersection of Highland Road and Lee Drive to the Houma-based South Louisiana Bank for $500,000, or $208 per square foot, signifying the bank’s entrance into the Baton Rouge market.
With $412 million in deposits across its seven branches in Lafayette, Lafourche and Terrebonne parishes, South Louisiana Bank currently holds 0.39% of the statewide market share.
The deals come as Baton Rouge banks continue to ride a nationally triggered consolidation wave that’s been marked by a flurry of mergers and acquisitions in the local market over the past several decades.