First State Bank of Central Texas, which has 11 area locations in the Killeen-Temple-Fort Hood area, announced a merger with BancorpSouth Bank earlier this week. Temple-based Central Community Corporation, First State Bank’s parent company, is expected to close the $211 million deal in June.
“(The merger) is going to affect (customers) positively,” said Donald Grobowsky, Central Community Corporation’s chairman, president and CEO. “We’ll have more products and services to offer customers, and all our branch people and branch staff staying intact through the merger.”
The mutual acquisition was approved by the companies’ board of directors, and is waiting on shareholder and customary regulatory approvals.
The operational integration is expected to begin during the third quarter of 2014.
“We’re optimistic about the future,” Grobowsky said, “and we’ll be better able to compete with large nationwide branches.”
BancorpSouth Inc., the parent company of BancorpSouth Bank, is based in Tupelo, Miss., and has $13 billion in assets. Central Community Corporation has $1 billion, Grobowsky said.