BancorpSouth Bank to acquire National United Bancshares
BancorpSouth Bank, based in Tupelo, Mississippi, has agreed to acquire Gatesville-based National United Bancshares Inc., the parent company of National United. The merger is anticipated to close during the first half of this year.
National United, which was founded in 1889 in Gatesville, operates six full-service banking offices in the areas of Killeen-Temple, Waco and Austin-Round Rock-Georgetown. As of Sept. 30, 2020, National United, on a consolidated basis, reported total assets of $748.6 million, loans of $450.6 million and deposits of $672.5 million.
Under the terms of the merger agreement, BancorpSouth will issue 3,110,000 shares of common stock, plus $33.25 million in cash, for all outstanding shares of National United Bancshares capital stock, subject to certain conditions and potential adjustments.
“We’re excited to announce this agreement we began exploring before the COVID-19 pandemic,” said BancorpSouth Chairman and CEO Dan Rollins. “It was important for both of our companies to take time to understand and evaluate the potential impact the pandemic would have on the potential merger. This merger creates an excellent opportunity to broaden our Central Texas presence and continue to expand in key markets. National United is a trusted financial institution that has been serving its community for more than 125 years, and its culture and mission are similar to ours.”
Upon completion of the transaction, National United President and CEO Eugene Worthington will serve as BancorpSouth’s area chairman.