BancorpSouth Bank (NYSE:BXS) signed a definitive merger agreement to acquire National United Bancshares, Inc. for approximately $110 million on December 2, 2020. Under the terms of the merger agreement, BancorpSouth will issue 3.11 million shares of common stock, plus $33.25 million in cash, for all outstanding shares of National United Bancshares, subject to certain conditions and potential adjustments. National United will be merged with and into BancorpSouth. As of September 30, 2020 (unaudited), National United, on a consolidated basis, reported total assets of $748.6 million. Upon completion of the transaction, Eugene Worthington, National United President and Chief Executive Officer, will serve as BancorpSouth's Area Chairman. 16 team members have a contract for retention. The transaction is pending the receipt of regulatory approval, the approval of National United shareholders, and the satisfaction of other customary closing conditions. The merger has been unanimously approved by the Boards of Directors of both companies. As of April 7, 2021, the transaction has received regulatory approval from the Federal Deposit Insurance Corporation. The merger is anticipated to close during the first half of 2021. As of April 7, 2021, the transaction is anticipated to close on May 1, 2021. The deal is expected to be accretive to earnings per share in the 1st year of combined operations. Stephens Inc. acted as financial advisor and Fenimore, Kay, Harrison & Ford, LLP acted as legal counsel for National United Bancshares. Alston & Bird, LLP and Waller Lansden Dortch & Davis, LLP acted as legal counsels to BancorpSouth.