MONROE, La. - BancorpSouth has announced its approval to complete the proposed merger of Ouachita Independent Bank.
Ouachita Independent Bank, locally known as OIB, is headquartered in Monroe, Louisiana.
"BancorpSouth is a great cultural fit with an operating style that is very similar to that of our company. Both banks have a longstanding reputation for their commitment to the communities they serve as well as the customer-focused models that both operate. We believe these core similarities will make for a seamless and successful transition over to BancorpSouth Bank," says Kevin Koh, Chief Executive Officer of Ouachita Bancshares Corp.
“We are pleased to have secured the necessary regulatory approvals and are working to complete both transactions,” said Dan Rollins, BancorpSouth Chairman and Chief Executive Officer. “Our team is diligently executing our overall strategic plan and these acquisitions are significant to our company and an integral part of our future.”
“Adding OIB strengthens our competitive position along the I-20 corridor in Louisiana,” Rollins added.
Ouachita Independent Bank is a community bank located in Ouachita, Morehouse, Caddo and Bossier parishes in Louisiana. A subsidiary of Ouachita Bancshares Corp., Ouachita Independent Bank has 12 banking locations and $730 million in total assets.
BancorpSouth will also be merging with Central Community Corporation, or CCC, which is headquartered in Austin, Texas.
Upon completion of these two mergers, BancorpSouth will become the 7th largest bank in Louisiana, up from 12th and will improve to 29th in deposit market share in Texas, up from 66th.
The mergers are expected to close January 15, 2018.
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