Exhibit 99.1
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Jefferson Branch Acquisition
July 29, 2011
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Transaction Summary
Description: Purchase of five Jefferson Bank branches in the Dallas Ft. Worth MSA
Seller: First Bank & Trust Co. (Following their acquisition of Jefferson Bank via
Section 363 sale through Jefferson Bank’s parent bankruptcy filing)
Section 363 sale through Jefferson Bank’s parent bankruptcy filing)
Purchase Price: $10.5 million
($7.5 M Deposit Premium + $3.6 M Fixed Assets - $0.6 M Loan Discount)
($7.5 M Deposit Premium + $3.6 M Fixed Assets - $0.6 M Loan Discount)
Assets Purchased: $70 million performing loans - credit diligence on over 80% of portfolio
Deposits Purchased: $164 million
Deposit Premium: 4.6%
Loan Discount: 1%
Transaction Expenses: $880,000 pretax (50% professional fees, 50% deconversion costs)
($98,000 Q1A; $115,000 Q2A, $627,000 Q3E ($0.04 per sh), $40,000 Q4E)
($98,000 Q1A; $115,000 Q2A, $627,000 Q3E ($0.04 per sh), $40,000 Q4E)
Cost Savings: Approx. 35% cost reductions vs. Jefferson stand alone level - from
reductions in credit costs and corporate overhead
reductions in credit costs and corporate overhead
Earnings Accretion: 2011E - breakeven after transaction expenses
2012E - $0.11
2012E - $0.11
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Strategic Rationale
Ø The Dallas/Ft. Worth Metroplex is one of the most attractive markets in the
country with a strong regional economy, attractive demographics and
significant growth opportunities
country with a strong regional economy, attractive demographics and
significant growth opportunities
Ø Approximately 29% of deposits will be in Texas, more than double prior
levels
levels
Ø Approximately 32% of loans will be in Texas, up 50% from prior levels
Ø Legal Lending Limit will increase more than 6X prior levels at Jefferson
expanding potential for loan growth
expanding potential for loan growth
Ø Allows for diversification of customer base from oil services industry other
attractive industries such as healthcare, technology and education
attractive industries such as healthcare, technology and education
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Pro Forma Impact
MidSouth
Bancorp,
Inc.
Jefferson
Bank
MidSouth
Bancorp, Inc.
Pro Forma With
Jefferson Bank
Loans
$580,099
$69,518
$650,099
Deposits
$825,896
$164,321
$990,217
Assets
$1,049,105
$164,321
$1,213,426
Branches
34
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39
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Demographic Profile
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