Mississippi bank buys another bank for $20 million in stock

PHILADELPHIA, Miss. (AP) — One Mississippi bank is buying another for $20 million in stock.Citizens Holding Co., the parent bank of The Citizens Bank of Philadelphia, announced Tuesday that it’s buying Charter Bank of Biloxi.

Charter, with four branches on the Mississippi Gulf Coast, has $161 million in assets. Citizens says the combined company will have $1.2 billion in assets.

Regulators and shareholders of the Charter must still approve the deal. Citizens says it expects to complete the purchase before the end of the year.

Citizens says the acquisition will increase its market share on the Mississippi Gulf Coast, adding to Citizens’ current two branches in Biloxi.