Guaranty Bank to acquire OUB
Published 7:13 am Wednesday, November 1, 2023
Guaranty Capital Corporation, the parent company of Guaranty Bank & Trust Company, has announced that it has signed a definitive agreement to acquire Lafayette Bancorp, Inc., the parent company of Oxford University Bank, in a merger deal expected to close in the first quarter of 2024.
The merger will create a combined entity with approximately $2.6 billion in assets and 39 branches across Mississippi and Tennessee.
Oxford University Bank, which has two locations in Oxford and one in Pontotoc, will become a wholly owned subsidiary of Guaranty and will later merge with Guaranty Bank, subject to regulatory approval.
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“We are pleased to partner with Oxford University Bank, a well-respected bank serving the Oxford and Pontotoc communities,” said Hue Townsend, president and CEO of Guaranty Bank. “Our shared values, centered on delivering a community bank experience, allows us to leverage our collective strengths and resources to provide even greater support and opportunities.”
“We are excited about this new journey with Guaranty Bank,” said David Guyton, CEO of Oxford University Bank. “Oxford University Bank is a community-focused financial institution with a Certified Development Financial Institution (CDFI) designation, just like Guaranty Bank. This strategic partnership reinforces our dedication to serving that community. Together, we will continue prioritizing the well-being and success of our customers and the community we call home.”
Guaranty Bank, founded in 1943, is an independent and locally owned bank that offers a range of financial services to clients in Mississippi and Tennessee. Oxford University Bank was founded in 2000 and has a location on University Avenue and Jackson Avenue.