BancorpSouth adds to its portfolio

TUPELO (WCBI) –  BancorpSouth is heading west.  The Tupelo based bank Monday announced it has received the federal okay to merge with Icon Bank of Texas. 

  The move will step up BancorpSouth’s growth in the Houston, Texas while giving Icon customers access to BancorpSouth properties across the country.   

READ THE BANCORPSOUTH RELEASE BELOW.

BancorpSouth Bank (NYSE: BXS) today announced that it has received regulatory approval from the Federal Deposit Insurance Corp. to complete its proposed merger with Icon Capital Corporation, and its wholly-owned subsidiary, Icon Bank of Texas, National Association (collectively referred to as “Icon”). The anticipated closing date of the merger is October 1,  2018, subject to the satisfaction of customary closing conditions.

“We’re looking forward to welcoming the Icon team to the BancorpSouth family,” said BancorpSouth Chairman and CEO Dan Rollins. “This merger will accelerate our growth in the vibrant Houston, Texas market, as well as provide current Icon customers with a broader array of banking services and access to branch locations across the Southeast.”

Mark Reiley, Co-Founder, Chairman and CEO of Icon, added, “This is a tremendous opportunity to partner with BancorpSouth and become an important part of its 142-year history. This merger will provide the additional scale and resources to better serve our existing customers and build new relationships.”

John Green, Co-Founder, Vice Chairman and President of Icon, remarked, “We’re pleased that we can move forward with the merger and bring two strong banks together. The teams at Icon and BancorpSouth are working to ensure a seamless transition for all of our stakeholders, and we’re optimistic about the future of our combined banks.”

Upon completion of the transaction, Reiley will serve as BancorpSouth’s Houston Area Chairman, while Green will be the Houston Division President.