BXS - BancorpSouth Bank to acquire FNS Bancshares

BancorpSouth Bank (BXS) signs a definitive merger agreement with FNS Bancshares (FNSB) pursuant to which FNS will be merged with and into BancorpSouth. As of Sept. 30, 2020, FNS reported total assets of $786.5M, total loans of $492.5M and total deposits of $665.9M. Under the terms, BancorpSouth will issue 2.98M shares of common stock, plus $18M in cash, for all outstanding shares of FNS capital stock.The transaction is valued at ~$108.4M in the aggregate, or $90.04/share of FNS common stock and the merger will close during 1H of 2021.Upon completion of the transaction, FNS CEO Steve Rownd will serve as a BancorpSouth division president.

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BancorpSouth Bank to acquire FNS Bancshares