BancorpSouth to buy FNS Bancshares in $108 million deal

Texas-based BancorpSouth Bank will merge with FNS Bancshares in a $108.4 million deal, BancorpSouth announced Wednesday.

FNS Bancshares, based in Scottsboro and founded in 1900, is the parent company of FNB Bank. FNB was the 18th-ranked bank in Alabama in total assets in 2019, and as of Sept. 30, FNS reported total assets of $786.5 million.

ā€œWe are excited about this partnership and look forward to welcoming FNS’s teammates and customers to BancorpSouth,ā€ BancorpSouth Chairman and CEO Dan Rollins said. ā€œFNS is a 120-year-old institution with deep ties in its local markets and is an ideal fit with our culture as a relationship-driven community bank. We’re looking forward to working with its experienced team of bankers to assist even more families and businesses with their banking needs.ā€

The merger has been unanimously approved by the boards of directors of both companies and is anticipated to close during the first half of 2021.

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After the merger, FNS CEO Steve Rownd will serve as BancorpSouth division president.

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