BancorpSouth Bank signed a definitive merger agreement to acquire National United Bancshares, Inc. for approximately $110 million.
December 01, 2020
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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.
Cadence Bank (the Bank) is a regional banking franchise with approximately 350 branch locations across the South and Texas. The Bank provides consumers, businesses, and corporations with a range of banking and financial solutions. The Bank's services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, small business administration (SBA) lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management. The Bank offers baking solution in checking accounts, savings accounts, mortgages, investment management, credit cards, online and mobile banking, debit cards, treasury management, wealth management, trusts, business loans, business online banking, and merchant services.