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FDIC OKs BancorpSouth Bank's proposed mergers

Tupelo, Miss.-based BancorpSouth Bank received regulatory approvals from the Federal Deposit Insurance Corp. to complete its proposed mergers with Summit Financial Enterprises Inc. and with Van Alstyne Financial Corp.

The transactions are expected to close Sept. 1.

Panama City, Fla.-based Summit Financial Enterprises is the parent company of Summit Bank NA, while Van Alstyne, Texas-based Van Alstyne Financial is the parent company of Texas Star Bank.

Andrew Stein, president and CEO of Summit Financial Enterprises and Summit Bank, will serve as president of BancorpSouth Bank's Northwest Florida division upon the completion of BancorpSouth Bank's deal with Summit Financial Enterprises and Summit Bank. Randle Jones, president of Texas Star Bank, will serve as BancorpSouth Bank's market president for Grayson County, Texas, upon completion of the deal with Van Alstyne Financial and unit Texas Star Bank.