Indianola, Miss. based Planters Holding Company, the holding company of Planters Bank & Trust Company, and Saint Joseph, La. based BSJ Bancshares, the holding company of Cross Keys Bank, jointly announced that they have entered into a definitive agreement whereby Cross Keys will merge with Planters. Cross Keys Bank, a community bank headquartered in Saint Joseph, Louisiana, had approximately $598 million in total assets as of December 31, 2024.
Upon consummation of the proposed transaction, Planters will enter north Louisiana and east Texas with eight branches and one branch respectively. On a combined basis, Planters will have 32 branches and total assets of approximately $2.6 billion, based on Dec. 31, 2024 financial data.
“We are very excited to announce our partnership with Cross Keys, and we look forward to our combined companies continuing to build upon the great community bank franchise Cross Keys has established. We view north Louisiana and east Texas as strategic growth markets for our company, and Cross Keys’ strong reputation and commitment to serving its customers makes them the perfect partner to expand our franchise,” said Alan H. Hargett, CEO of Planters Bank & Trust.
“We are proud to partner with Planters Bank and believe the merger is an excellent fit,” said Michael Vizard, CEO of Cross Keys Bank and Vice Chairman of BSJ Bancshares. “Being part of a larger community bank that shares our same customer-first focus will allow us to better provide competitive products and services to our customers while remaining actively involved in our communities.”
The acquisition, which is subject to customary closing conditions, including the approval of BSJ Bancshares shareholders and the receipt of all necessary regulatory approvals, is expected to be completed early third quarter of 2025.
Performance Trust Capital Partners LLC served as the financial advisor to Planters Holding Company and delivered a fairness opinion to the Planters Holding Company Board of Directors. Jones Walker, LLP served as the legal advisor to Planters Holding Company. Raymond James & Associates, Inc. served as the financial advisor to Cross Keys and delivered a fairness opinion to the BSJ Bancshares, Inc. Board of Directors. Fenimore Kay Harrison LLP served as the legal advisor to Cross Keys.