Officials announced this week plans for a merger of Covenant Bank, headquartered in Clarksdale, with an office in Batesville, with Planters Bank, based in Indianola.
Covenant Bank will become part of Planters Bank, according to a press release from both companies.
The transaction is expected to result in a combined institution with approximately $1.0 billion in total assets and 18 full-service banking offices throughout the Mississippi Delta region and North Western Mississippi. Upon closing of the transaction, which is expected to occur at the end of the fourth quarter of 2015, Planters will be the eighth largest bank headquartered in Mississippi by deposit market share.
“We are excited to have Covenant join our family in creating a sizeable Mississippi banking franchise capable of competing with larger financial institutions,” James H. Clayton, Vice Chairman and Chief Executive Officer of Planters, said.
Planters provides traditional retail and commercial banking services through 13 full-service banking offices in Washington, Sunflower, Leflore, Bolivar and Humphreys Counties. Covenant operates in five offices in Coahoma, Tunica, Desoto and Panola Counties.