MidSouth in Louisiana to Make $2M Rights Payment

By Chris Cumming March 28, 2013, 12:15 p.m. EDT 1 Min Read

M&A

MidSouth to Buy PSB Financial for $39 Million

MidSouth Bancorp (MSL) in Lafayette, La., is expanding northward with an agreement to buy PSB Financial in Many, La., for $39 million.

By Jackie Stewart

September 27

MidSouth Bancorp (MSL) in Lafayette, La., will pay $2 million for rights it issued as part of last year's acquisition PSB Financial.

MidSouth will use cash on April 20 to pay former PSB shareholders for contingent-value rights they received, the $1.9 billion-asset company said Thursday.

The value of the rights had hinged on the performance of certain loans in a legacy portfolio of PSB's bank. The loans have been paid off in full, triggering the maximum payment under terms of the merger agreement.

MidSouth agreed to buy PSB last year for $39 million.

Chris Cumming

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