Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

8.  Subsequent Events

On July 14, 2011, the Company received approval from the U.S. Treasury's Small Business Lending Fund (“SBLF”) program to participate and receive up to $32.0 million in funds under the SBLF authorized by Congress under the Small Business Jobs Act of 2010.  Funds from the SBLF will also be used to refinance the Company's Series A Preferred Stock issued to the Treasury under the CPP and potentially provide a significantly lower cost of capital.  The dividend rate on the shares of preferred stock issued in connection with the SBLF will be dependent on the Company's volume of qualified small business loans.

On July 29, 2011, the Company's subsidiary, MidSouth Bank, N.A. (“the Bank”), executed the purchase of five Jefferson Bank branches in the Dallas-Fort Worth, Texas area from First Bank and Trust Company of Lubbock, Texas.  The Bank acquired approximately $69.5 million in performing loans, including $59.8 million of performing Jefferson Bank loans and $9.7 million of participation loans from First Bank and Trust, and assumed approximately $164.3 million in Jefferson Bank deposits for a purchase price of $10.5 million.  The $59.8 million in performing Jefferson Bank loans were purchased at a 1.0% discount and the deposits were purchased at a 4.6% deposit premium, which included a 5.0% premium paid for $149.9 million of deposits and excluded $14.4 million of CD deposits for purpose of the deposit premium calculation.  Fixed assets acquired in the purchase totaled approximately $3.6 million.