BancorpSouth to acquire one of Austin's largest banks

Jan 22, 2014
Austin Business Journal


One of the largest Austin-based banks, First State Bank of Central Texas, is set to get a new owner under the terms of a deal between Tupelo, Miss.- based BancorpSouth Inc. and First State’s parent company, Temple-based Central Community Corp.


The $211 million deal, which still needs the approval of Central Community’s shareholders, should be done by June, the report said. The deal would add $1.3 billion in assets held by Central Community to BancorpSouth’s $13 billion in assets, and also includes $28.5 million cash and 7.25 million shares in BancorpSouth


Ranked by local deposits as of June 2013, First State Bank is the fourth largest bank headquartered in the Austin area with total local deposits valued at almost 289 million, according to data compiled by the Austin Business Journal


Founded in 1997, First State employs 62 people. First State operates 31 full-service branches, including 11 in the Austin area


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