LAFAYETTE, La., Dec. 2, 2011 /PRNewswire/ -- MidSouth Bancorp,
Inc. ("MidSouth") (NYSE Amex: MSL) announced today that its
subsidiary, MidSouth Bank, N.A., has completed its acquisition of
the Beacon Federal ("Beacon") branch in Tyler, Texas. Beacon is a wholly owned savings
bank of Beacon Federal Bancorp, Inc. (NASDAQ: BFED). Over the
Dec. 3rd weekend, full conversion of
systems, products and services will take place, and the
Tyler branch will open
Monday, Dec. 5th, as MidSouth
Bank.
(Logo: http://photos.prnewswire.com/prnh/20100125/MIDSOUTHLOGO)
As part of the transaction, MidSouth Bank acquired $24 million in loans and assumed $80 million in deposits. "We welcome
Beacon Federal customers and employees to MidSouth Bank. We
are excited to acquire a branch in the Tyler market, a market that has a long history
associated with the oilfield service industry, a key industry for
MidSouth," said C.R. "Rusty" Cloutier, MidSouth Bank President and
CEO. "This acquisition is another great opportunity for us to
meet our goal of expanding our franchise in Texas," he noted, adding that the bank
continues to look for opportunities in Texas where it can provide competitive
financial services to customers.
About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a bank holding company headquartered
in Lafayette, Louisiana, with
assets of $1.2 billion as of
September 30, 2011. Through its
wholly owned subsidiary, MidSouth Bank, N.A., MidSouth offers a
full range of banking services to commercial and retail customers
in Louisiana and Texas. MidSouth Bank has 40 locations in
Louisiana and Texas and is connected to a worldwide ATM
network that provides customers with access to more than 43,000
surcharge-free ATMs. More corporate information is available at
www.midsouthbank.com.
Forward-Looking Statements
Certain statements contained herein are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and subject to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, which involve risks and
uncertainties. These statements include, among others,
statements regarding expansion efforts and the integration of the
acquired branch into MidSouth Bank's systems. Actual
results may differ materially from the results anticipated in these
forward-looking statements. Factors that might cause
such a difference include, among other matters, the timing and
impact of future acquisitions, the success or failure of
integrating operations, and the ability to capitalize on growth
opportunities upon entering new markets; changes in interest
rates and market prices that could affect the net interest margin,
asset valuation, and expense levels; changes in local economic and
business conditions, including, without limitation, changes related
to the oil and gas industries, that could adversely affect
customers and their ability to repay borrowings under agreed upon
terms, adversely affect the value of the underlying collateral
related to their borrowings, and reduce demand for loans; increased
competition for deposits and loans which could affect compositions,
rates and terms; loss of critical personnel and the challenge of
hiring qualified personnel at reasonable compensation levels;
legislative and regulatory changes, including changes in banking,
securities and tax laws and regulations and their application by
our regulators, changes in the scope and cost of FDIC insurance and
other coverage; and other factors discussed under the heading "Risk
Factors" in MidSouth's Annual Report on Form 10-K for the year
ended December 31, 2010 filed with
the SEC on March 16, 2011 and in its
other filings with the SEC. MidSouth does not undertake
any obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information,
future events or otherwise, except as required by law.
SOURCE MidSouth Bancorp, Inc.