BOM announced on June 30 the signing of a definitive purchase and assumption agreement with MidSouth Bank pursuant to which BOM will acquire all of the assets and liabilities associated with the two branches of MidSouth Bank located in Alexandria, Louisiana.
Following the acquisition, BOM is expected to have approximately $350 million in total assets and approximately $300 million in total deposits. Terms of the definitive purchase and assumption agreement were not disclosed.
BOM has one location in Alexandria and 11 others in Bienville, Bossier, Caddo, Grant, Natchitoches, Rapides and Sabine parishes. With the addition of MidSouth locations at 1423 Wimbledon Drive and 3412 Mac Lee St. in Alexandria, BOM will have a total of 14 locations.
“Bank staff at the two new sites will remain in those locations, making for a smooth transition,” said BOM President and CEO Ken Hale. “We’ll also offer two additional ATM sites in Alexandria, and we welcome MidSouth’s staff and customers into the BOM family. Our commitment to our local communities remains as strong as the day we were established more than 100 years ago.”
The transaction is expected to close in the fourth quarter of 2017.
BOM was advised by the law firm of Fenimore, Kay, Harrison & Ford, LLP and Jeff Fair with American Planning Corporation. MidSouth Bank was advised by the law firm of Troutman Sanders.
BOM was established in 1903 in Montgomery, Louisiana and has a strong tradition of supporting the northwest Louisiana communities in which it operates, combining hometown values with modern, full service personal and business banking products. BOM offers convenient locations throughout Bienville, Bossier, Caddo, Grant, Natchitoches, Rapides and Sabine parishes. For more information, visit bofm.com.
About MidSouth Bank
MidSouth Bank offers a full range of banking services to commercial and retail customers in Louisiana and Texas. MidSouth Bank currently has 57 locations in Louisiana and Texas and is connected to a worldwide ATM network that provides customers with access to more than 55,000 surcharge-free ATMs. Additional corporate information is available at MidSouthBank.com.