MidSouth Bancorp Inc. in Lafayette, La., plans to enter the Dallas market after agreeing to buy five area branches from a bank being sold through bankruptcy court.
The $1 billion-asset company said Monday that it had an agreement with First Bank and Trust Co. in Lubbock, Texas, which is looking to buy Jefferson Bank.
MidSouth said the transaction will include $70 million of loans and more than $150 million of deposits. The purchase is subject to bankruptcy court and regulatory approvals, though MidSouth said it expects to complete the deal by July 31.
