Archive for the ‘Banking & Finance’ Category
With the finalization of Renasant Bank‘s merger with M&F Bank, the last six of nine planned branch closures will be completed by Monday, when conversion officially happens.
On Friday, former M&F Bank locations in Tupelo – on South Gloster Street, in downtown Tupelo and on West Main Street – will close for good at 5:30 p.m.
The three remaining branches in Kosciusko, Southaven and Birmingham will close on Monday. All are former M&F Bank locations except Birmingham.
Renasant had earlier closed its Oxford Square location, and M&F’s branch in Starkville and Grenada.
John Oxford, vice president of external affairs for Renasant, said all of M&F will be fully consolidated with Renaasant, including systems, products and services.
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You may have noticed some site work being done just north of the Fairfield Inn on Tom Watson Drive in Tupelo.
It is NOT CarMax (which does plan to build in Tupelo, eventually, after a few issues to work out with the city). CarMax is looking at a site south of the hotel
The site work going on is for BNA Bank, which is building its second location.
The New Albany-based bank opened on McCullough Boulevard in Belden, which opened in 2007.
Senior Vice President Mike Staten said the work is preliminary site work for now. He said he bank hopes to finalize plans and construction schedule around the first of the year. The new bank should open within 12-15 months, he said.
Biz Buzz broke the news three weeks ago that FNB Tupelo was looking to build a new two-story office in Fairpark, and bank officials
An architectural rendering of what the new FNB Tupelo office will look like.
broke ground today.
Although, technically, construction crews have been working the site and there’s a big hole in the ground.
Anyway, the location is behind Hodges Orthodontics and across from City Hall. It represents an investment of more than $1.5 million.
Construction should take about nine months and the branch is set to open in the fourth quarter of next year.
John L. Barrett, the president and CEO of FNB Oxford (FNB Tupelo’s parent) noted Tupelo is his bank’s first and so far, only, location outside its home market.
“Tupelo is a good business community, a good economy, a good market,” he said.
FNB Tupelo opened a loan production office in 2008 in the Fairpark at Main building that houses Fairpark Grill and Park Heights.
That office is about 2,000 square feet; the new office will cover 7,000 square feet. It will be a full-service office, as well.
But, no drive-through, Barrett said.
FNB Tupelo has been led by Richard Alvarez since its opening, and Barrett credited him and his staff for building its customer base.
“They’re a key reason why we’re here today – customer service,” he said.
FNB Tupelo employs five, but looks to add more as it grows, Alvarez said.
Read more in Friday’s Daily Journal.
Renasant Corp. reported third-quarter net income of $6.6 million, or 24 cents a share.
That compares to earnings of $7 million, or 28 cents a share for the same period a year ago.
However, this year’s third-quarter results also included a month of results from the former First M&F Bank, which Renasant merged with earlier this year. The merger was completed on Sept. 1.
So, excluding expenses related to the merger, Renasant’s net income for the third quarter this year was $9.3 million, or 34 cents a share.
Said the company in a news release:
The Company’s results of operation do not reflect M&F’s results prior to the date of merger completion, but balances for the Company as of September 30, 2013 incorporate the impact of the M&F acquisition, including M&F’s $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. The Company issued approximately 6.2 million shares of stock in connection with the acquisition. The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.
“We are pleased with our third quarter performance which includes the completion of the M&F merger, our largest acquisition to date. In addition to the merger, we continued to experience strong loan growth and significant improvements to our credit risk profile,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.
FNB Oxford, which opened a loan production office in 2007 in Tupelo as FNB Tupelo, is looking to build a full-service, two-story office in the Fairpark District.
The building would be behind Hodges Orthodontics, next to City Hall.
The bank would be about 7,000-square feet.
The building, according to blueprints, would mirror the architecture of nearby buildings. Jesco is the contractor on the project.
FNB Tupelo officials said they couldn’t comment on the project because the details haven’t been finalized. The loan production office has been housed in the Fairpark at Main retail center, which also is home to Park Heights, Fairpark Grill, Serendipity and and WCBI‘s Tupelo office.
FNB Tupelo will enter a market that has 40 branches representing 11 financial institutions. Including FNB Oxford/Tupelo, three other banks have opened in the market, including First American National Bank of Iuka, CB&S Bank of Russellville, Ala., and Farmers & Merchants Bank (FMB) of Baldwyn. Also, Community Bank of North Mississippi, which has been in Tupelo since 2006, moved into a larger office in 2010.
Lee County has about $1.8 billion in deposits, of which Tupelo’s share accounts for $1.65 billion.
Some BancorpSouth customers today found their accounts had grown. A lot.
Online customers of the Tupelo-based bank found some extra zeros has been added to their accounts, creating several triillionaires along the way.
That’s 12 zeros, by the way, as in $1,000,000,000,000.
Put in perspective, the national debt is about $15 trillion, so a few donations could have taken care of that really fast.
Said BancorpSouth Senior Vice President of Corporate Communications:
BancorpSouth online banking customers’ deposit account balances reflected overstated balance totals for a short period of time this morning before being corrected. This was a system display issue and did not reflect the actual account balance available to those customers.”
Kinda funny that BancorpSouth’s website has “New Online Banking Experience Coming Soon!”
It sure was!
And the situation begs the question: How many people tried to take out or spend a WHOLE LOT of money while their balances were bursting?
BancorpSouth Investment Services has outsourced its program to third-party broker-dealer Infinex Financial Group.
BancorpSouth’s investment program is about 15 years old and currently employs 14 advisers. At the end of 2012, it had $2.1 billion in assets under management, according to Infinex.
“We look forward to working with Infinex and the ability to provide enhanced technology, new tools and resources for our advisors, agents and clients,” Thomas Howard, president and CEO of BancorpSouth Investment Services, and managing director of Bancorp Insurance Services, said in a statement. “Their products, support, and services will allow us to expand our presence and pursue more opportunities.”
BancorpSouth is the parent company of BancorpSouth Bank, which operates 292 commercial banking, mortgage, insurance, trust and broker-dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. The company has $13.2 billion in assets.
From Infinex: Read the rest of this entry »