Archive for the ‘Banking & Finance’ Category
Terms of the Knox deal were undisclosed, and BancorpSouth said the deal was expected to close “immediately.”
The Knox acquisition gives us an opportunity to meaningfully expand our market share in Southwest Louisiana,” commented Dan Rollins, CEO of BancorpSouth. “Knox has a strong track record of revenue growth as well as a number of large commercial relationships adding significant value to our current book of business.”
Knox was formed in 1972 and currently produces annual revenues of approximately $3 million. For the past 15 years, Knox operated under the leadership of current owners/brokers Dwayne David and Randall Bonaventure. Knox will continue to operate under their leadership in its current location at 2014 West Pinhook Road #610 in Lafayette. Knox has a diverse client base including agricultural processing, construction, energy, manufacturing, marine, medical, and transportation. Product specialties include, but are not limited to, workers compensation, business auto, property and casualty, and general/umbrella liability. Read the rest of this entry »
Only one location of Abner’s Famous Chicken Tenders, filed for Chapter 11 bankruptcy protection last month.
It was reported earlier today that the entire chain had filed for bankruptcy, but founder Abner White said only one – the original location in Oxford – is affected by the filing.
The company, which was founded in 1993 by White, a former Ole Miss football player, has two locations in Oxford and one each in Brandon, Starkville, Tupelo and Cordova, Tenn.
The owner/operator of the first location, Abner’s Inc, filed Chapter 11 with the Mississippi Northern Bankruptcy Court on March 28, according to court documents.
White, in an email, wrote: “This is an issue that ONE location in Oxford has to work out, and will! No other Abner’s are a part of this bankruptcy.”
Abner’s Inc. listed assets between $1 million-$10 million, with liabilities in the same range.
A creditors’ meeting is scheduled for May 9 at 11 a.m at Oxford City Hall.
James Kelley, the president and chief operating officer of BancorpSouth, is retiring from the company on Aug. 15.
Last week, the Tupelo-based financial holding company and parent of BancorpSouth Bank announced the retirement of long-time chairman Aubrey Patterson at its shareholders meeting April 23.
In the Form 8-K filed with the Securities and Exchange Commission, the company also announced the retirements of Kelley and Albert Clark from its board of directors.
Clark, the president and CEO of CC Clark, a holding company for several beverage distributors, has been on BancorpSouth’s board since 1996. Clark also is president and CEO of Gulf States Canners, a bottler of soft drinks, namely Coca-Cola.
The 8-K also revealed the departure of Grace Clark from its board earlier in the month:
On March 20, 2014, Grace Clark resigned from the boards of directors of the company and the Bank. Ms. Clark’s resignation is not the result of any disagreement with the company or the bank, or any matter relating to the operations, policies or practices of the company or the bank.
BancorpSouth is moving farther into Texas, acquiring Central Community Corp., parent of First State Bank Central Texas.
It’s BancorpSouth’s second acquisition in two weeks. On Jan. 9, it announced it had reached an agreement to acquire West Monroe, La.-based Ouachita Bancshares Corp., and its main subsidiary, Ouachita Independent Bank in a deal is valued between $99 million to $112 million.
First State Bank has 31 branches and is the largest independent bank headquartered in Austin, Texas.
The move will boost BancorpSouth’s market share from No. 65 in the state to No. 29.
With the move, BancorpSouth is adding nearly $1 billion in deposits.
The value of the merger is $209.5 million, the company said.
Central Community Corp.,has total assets of $1.3 billion, total loans of $555.5 million and total deposits of $1.1 billion.
Under the terms of the definitive agreement, BancorpSouth will issue approximately 7,250,000 shares of BancorpSouth common stock plus $28.5 million in cash for all outstanding shares of Central Community Corporation capital stock.
Tupelo-based BancorpSouth late Wednesday said it’s reached an agreement, valued between $99 million and $112 million, to acquire Monroe, La.-based Ouachita Bancshares Corp. and its main subsidiary, Ouachita Independent Bank.
It’s BancorpSouth’s first acquisition since 2007 and the first under Dan Rollins, BancorpSouth’s CEO since November 2012.
BancorpSouth’s last banking acquisition was City Bancorp, the parent of The Signature Bank of Springfield, Mo. That deal, first announced in October 2006, was completed in March 2007. The deal added $852 million in assets to BancorpSouth’s portfolio.
The merger, pending regulatory approval and the approval of OIB shareholders, is expected to be complete by the second quarter of this year.
OIB has 12 full-service banking offices in Louisiana, with six in Monroe-West Monroe, four in Shreveport-Bossier City and two in Bastrop. It also has loan production offices in Madison, Miss., and Natchitoches, La.
(I wonder if the Robertson family – the Duck Dynasty folks who are based in West Monroe – are customers of the bank?)
As of Dec. 31, the company had more than $652 million in total assets. Read the rest of this entry »
BancorpSouth Inc. announced that its insurance subsidiary, BancorpSouth Insurance Services Inc. ( has signed a definitive agreement to acquire the assets of Houston, Texas based GEM Insurance Agencies, LP. The transaction is expected to close before year end. Financial terms of the pending transaction were not disclosed.
“The GEM acquisition gives us an opportunity to enhance our presence significantly and expand our platform in a high-growth market,” commented Dan Rollins, CEO of BancorpSouth. “GEM’s growth strategy, operating structure, and customer-based focus are similar to our operations in Houston and across our footprint. We are extremely excited to welcome the GEM team to the BancorpSouth family.”
GEM was formed in 1954 and its annual revenues have grown to approximately $9 million. GEM’s customer base consists of a diverse segment of property/casualty risks with specialties in commercial real estate, manufacturing, distribution, and service companies with an emphasis on complex products liability/professional liability exposures, upstream and mid-stream oil and gas operations, staffing, and not-for-profit and healthcare organizations. GEM also has a large executive personal lines operation. As a part of the transaction, BXSI’s existing Houston office will re-locate into GEM’s current office located at 3355 West Alabama Street in Houston. The combined operations are expected to produce annual revenues of approximately $11 million and will operate under the leadership of Ed Schreiber, the current President of GEM. Read the rest of this entry »
At least I’ve heard and read about several instances where customers went to a BancorpSouth office and got the help they needed and sang the bank’s praises (after no doubt gnashing their teeth earlier).
So where is BancorpSouth as far as getting everything working like it should?
Said Randy Burchfield, senior vice president of communication: “(The) website and online banking services are up and running; call center continues to experience heavy call volumes related to customer assistance in resetting of pass codes to gain access to online banking.”
According to the bank’s website, customers with questions about online banking should call 1(888) 797-7711, then press 1, 6 and choose the appropriate online banking menu option.
The customer call center hours are Monday-Friday from 7 a.m. to 8 p.m. and Saturday from 7 a.m. to 5 p.m.