Mississippi bank buys banks in Texas, Alabama for about $90M

TUPELO, Miss. (AP) — A Mississippi bank is buying banks in Texas and Alabama.

BancorpSouth Bank announced Tuesday that it's buying Grand Bank of Texas and Merchants Bank of Alabama.

The Tupelo bank will pay $51.75 million in stock and cash to purchase Casey Bancorp of Dallas, owner of Grand Bank. The Texas bank has four branches and $353 million in assets.

BancorpSouth will pay $37.5 million in stock and cash to buy Merchants Trust of Jackson, Alabama, parent of Merchants Bank. The Alabama bank has six branches and $221 million in assets.

The Mississippi bank says it expects to complete both purchases by June, pending approval by shareholders of acquired banks and regulators.

BancorpSouth has $18 billion in assets with 285 branches in Mississippi, Alabama, Arkansas, Florida, Louisiana, Missouri, Tennessee and Texas.