MidSouth Bank, a subsidiary of MidSouth Bancorp, has purchased five Jefferson Bank locations in the Dallas-Fort Worth area.
The bank acquired the branch network from First Bank and Trust Company, which purchased Jefferson Bank’s assets in connection with the bankruptcy filing of Jefferson Bank’s parent company.
As part of the transaction, MidSouth Bank acquired $70m in loans and assumed $164m in deposits.
The bank’s senior vice president Lynn Fowler will serve as regional president of the bank’s Dallas and Central Texas regions.
MidSouth Bank president and CEO Rusty Cloutier said the Dallas acquisition is a great opportunity for The bank to meet its goal of expanding its franchise in Texas.
"Jefferson Bank has some talented employees, and our existing staff is working hard to make them feel right at home as they make the transition," Cloutier said.
MidSouth Bank has 39 locations in Louisiana and Texas and more than 50 ATMs.