Lafayette-based MidSouth Bancorp Inc. subsidiary MidSouth Bank has signed a deal to buy Beacon Federal savings bank’s branch in Tyler, Texas.
Terms of the deal were not disclosed. As part of the branch acquisition, MidSouth expects to acquire around $26 million in loans and to assume more than $77 million in deposits.
MidSouth expects to close the acquisition by Dec. 31.
In a news release, MidSouth President and Chief Executive Officer C.R. “Rusty” Cloutier said the Tyler market has a long history with the oilfield service industry, a key industry for MidSouth.
The Tyler branch will help MidSouth grow its presence in Texas, he said.
In April, MidSouth acquired five branches of Jefferson Bank and First Bank & Trust Co. in the Dallas-Fort Worth area. Terms of that deal were not released.
However, MidSouth said it expected to acquire about $70 million in loans and to assume about $150 million in deposits.