Texas Star Bank, which has served the local communities since the 1890s, beginning with its original facility in Van Alstyne, is now in partnership with BancorpSouth, a Mississippi-based financial organization. The merger intent was released in March, and according to bank laws, had to be approved by the regulatory Federal Deposit Insurance Corporation, and that approval was announced Sunday.
Tuesday’s local mail included a letter to depositors regarding the merger and stated, in part, to (a) “continue to use existing checks, deposit slips and debit cards;” and (b) “to pay close attention to your mail over the next 60 days.” Signed by Texas Star Bank president Randle Jones, who will continue as president of the Grayson County Market, the letter explained that existing Texas Star Bank products and services including automatic deposits and payments will continue unless notification of it changes. It also clarified that the notifications will be sent timely with the dates of transition from Texas Star Bank to BanCorp South.
The conversion could be completed as early as October, according to information provided by BanCorp South.
BanCorp South also notified all its depositors by mail after the Labor Day weekend, explaining that its mission is to be “Guided by uncompromising honesty and integrity, strives to provided relation-ship focused financial services in a manner that that exceeds the expectations of our customers, supports the betterment of our communities, instills pride and passion in our teammates, and delivers value to our shareholders.”
The press released mailed out also said the parent company, like Texas Star Bank has done for decades, intends to “engage in community activities by supporting economic development and financial education.”
“We’re excited to welcome Texas Star to the BancorpSouth family,” Dan Rollins, chairman and chief executive officer of BancorpSouth Bank, said. “This merger will allow us to combine with a successful community bank that has been serving its communities since 1890 and continue our strategic growth in the Dallas-Fort Worth (area).”
This brings Bancorp South Bank’s assets to more than $19 billion and almost 300 full-service branch locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, plus an insurance location in Illinois.
“We’re extremely proud of what we’ve accomplished for more than 100 years, and we’re looking forward to the added benefits this new partnership will bring to our customers and community,” Jones said. “This merger allows us to provide customers with the best products, added convenience and remarkable service from bankers they already know and trust.”