Posted: Dec 28, 2012 6:16 PM by Press Release
LAFAYETTE, LA MidSouth Bancorp, Inc., the parent company of MidSouth Bank N.A., announced the completion of its merger with PSB Financial Corporation ("PSB"), the holding company of Many, Louisiana-based Peoples State Bank.
Over the weekend, signs on all 15 Peoples State Bank branches will be changed to MidSouth Bank, the first step in a two-phase conversion plan. Full conversion of systems, products and services will take place in late March 2013.
"This truly is a remarkable time in the history of both of these community banks," said MidSouth Bank President and CEO Rusty Cloutier, noting the magnitude to which the merger enhances MidSouth's connection between Louisiana and Texas by expanding its footprint north from Acadiana all the way up to Texarkana. "Most important," Cloutier noted, "there is zero overlap in the markets the two banks have been serving."
PeoplesState and MidSouth Bank are well-capitalized, and while both experienced remarkable growth during the recent financial crisis, the resulting regulatory environment is increasingly burdensome and costly. "Regulatory policy is a major factor driving consolidation," Cloutier continued. "Joining forces is the best way to ensure we remain competitive."
As a result of the merger, MidSouth Bank is undertaking a major expansion project for 2013, adding new locations to its Texas footprint in Texarkana, Houston and Greenville, which is subject to regulatory approval. It also plans to open new Louisiana facilities in Alexandria, Baton Rouge, Abbeville, Crowley and Eunice - the latter three subject to regulatory approval. Last year MidSouth Bank opened new Louisiana branches in Baton Rouge and Carencro and added a second location in Houston. "This merger will create tremendous opportunities for MidSouth Bank and PeoplesState employees to advance their banking careers," Cloutier said. "Combining these two banks is but one step - though a very big and important one - in our continued expansion efforts to enhance our competitive stance and position us for successful growth to better serve our customers, investors and employees in the future."
All PeoplesState employees have been offered jobs with MidSouth Bank. Additionally, PSB's Chairman, Leonard Q. "Pete" Abington, has been named to MidSouth Bancorp's and MidSouth Bank's Boards of Directors, and John J. "JJ" Blake III, PeoplesState's President and CEO, is now Senior Vice President and Regional President of MidSouth Bank's Timber Region. The Timber Region covers North Louisiana from Alexandria to Greenwood, as well as the Texarkana market.
Photo IDs (left to right): Pete Abington, Board of Directors, MidSouth Bancorp, Inc. and MidSouth Bank; John J. "JJ" Blake III, MidSouth Bank Regional President (Timber Region); and Rusty Cloutier, President and CEO of MidSouth Bank