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Banking industry

BancorpSouth Announces Acquisition of HomeBanc Corporation for $43 Million

Strategic Insights

— 1 min read

BancorpSouth, Inc. has announced its acquisition of HomeBanc Corporation, the holding company for The Home Bank, in a $43 million deal. This merger marks the third acquisition by BancorpSouth in Alabama this year, and will bring the total number of banking locations to 151 across 48 cities and towns in Alabama, Mississippi, and Tennessee. The acquisition is valued at approximately $43 million and is subject to approval by shareholders and bank regulators.

Key Takeaways:

  • BancorpSouth will acquire HomeBanc Corporation, the holding company for The Home Bank, in a $43 million deal.
  • The merger will add 5 new banking locations in Guntersville, Albertville, Arab, and Boaz to BancorpSouth's network.
  • The acquisition brings the total number of banking locations to 151 across 48 cities and towns in Alabama, Mississippi, and Tennessee.
  • BancorpSouth has pending mergers with First Corporation of Opelika and Merchants Capital Corporation of Vicksburg, Mississippi.
  • The merger will be handled as a pooling of interests and tax-free to HomeBanc Corporation shareholders.
  • BancorpSouth Chairman and CEO Aubrey B. Patterson highlighted the compatibility of the two banking philosophies, stating, "We are pleased to have the opportunity to unite with the officers and staffs of The Home Bank."
  • HomeBanc Corporation President and CEO J. R. Kimsey expressed excitement about the merger, stating, "Our merger with BancorpSouth will greatly enhance our ability to serve our customers and the communities where we live and work."

Statistics:

  • $43 million: The value of the acquisition.
  • $162 million: The asset size of HomeBanc Corporation.
  • $4.5 billion: The asset size of BancorpSouth.
  • 151: The total number of banking locations across 48 cities and towns.
  • 48: The number of cities and towns where BancorpSouth operates.
  • 5: The number of new banking locations added to BancorpSouth's network.

Sources:

  • Business Wire, Nov. 4, 1998
  • NYSE: BXS - BancorpSouth, Inc.

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