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.
“We are excited about this partnership and look forward to welcoming FNS’s teammates and customers to BancorpSouth,” BancorpSouth Chairman and CEO Dan Rollins said. “FNS 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.”
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.
After the merger, FNS CEO Steve Rownd will serve as BancorpSouth division president.