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

MORE FROM AMERICAN BANKER

Federal Reserve

Fed: Elevated asset valuations could threaten financial stability

In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.

By Kyle Campbell

58m ago
SBA

A small-dollar business lending scheme finds a niche at Huntington

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

By John Reosti

1h ago
Payments

JPMorgan Chase, Mastercard sell crypto-style B2B payment tech

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.

By John Adams

2h ago
Industry News

Fed announces details of 2025 monetary policy review

The Federal Reserve released additional information about its periodic review of its monetary policy strategy, tools and communications framework; TD Bank Group announced Michelle Myers will succeed Anita O'Dell as global chief auditor; Provident Financial Services will expand its commercial lending team; and more in this week's banking news roundup.

By Editorial Staff

3h ago
Succession planning

First Foundation hires outsider as CEO amid strategy overhaul

The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.

By Catherine Leffert

5h ago
Faster payments

FedNow saw $17.5 billion of transactions last quarter

The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.

By Kyle Campbell

6h ago