Tupelo, Miss.-based BancorpSouth Bank completed its acquisitions of Panama City, Fla.-based Summit Financial Enterprises Inc. and Van Alstyne, Texas-based Van Alstyne Financial Corp. on Sept. 1.
BancorpSouth issued 2.5 million common shares and paid $20 million in cash to acquire Summit Financial in the deal, which came with a collar on the deal value that ranged from $95.0 million to $107.5 million. Summit Financial President and CEO Andy Stein became BancorpSouth's Florida chairman under the terms of the transaction.
BancorpSouth also acquired Van Alstyne in a cash-and-stock deal, issuing 2.1 million common shares and paying $20.5 million in cash. The deal also included a collar on the total deal value, which ranged from $80.0 million to $86.7 million.
The Federal Deposit Insurance Corp. gave its regulatory approvals in August.
The two acquisitions will add $905.5 million in assets for BancorpSouth, based on June 30 data from S&P Global Market Intelligence. The bank had total assets of $18.94 billion as of June 30.
