Archive for the ‘Banking & Finance’ Category
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.
Three days after launching its new website, BancorpSouth is still hearing from customers who are having problems logging onto their account.
The new website requires customers to enter a new password, but a combination of technical glitches and heavy volume have resulted in customers unable to access their account online or via mobile phone app.
In addition, calls to BancorpSouth’s help line have often been met with busy signals as callers have swamped the system.
BancorpSouth senior vice president of communications Randy Burchfield said things are getting better, but still aren’t where they need to be.
“We certainly appreciate the patience and understanding of our customers,” Burchfield said. “We are making some progress, although we’re still experiencing some unfortunate service interruptions.”
The new website vendor and BancorpSouth’s technical support team have been working on eliminating the glitches and getting the site running like it needs to be.
Burchfield said wait times on the help line are still longer than usual, averaging 22 minutes.
“Customers are getting through, but some of them we’re having to walk them through the entire process,” Burchfield said. “And while we have them on the phone, we’re trying to answer every questions they have, which is contributing to the long wait times.”
Some customers have questioned why the website upgrade was done during one of the busiest times of the year, and Burchfield said that it was a contractual issue with the former vendor of the website.
Apparently, an upgrade over the weekend to the company’s website hit a few bumps in the past couple of days.
The Tupelo-based bank upgraded its online banking portal on Sunday, but many customers couldn’t access the website or smartphone apps. Screen prompts didn’t work, for example, and customers couldn’t get to their accounts.
On top of that, when customers tried calling the customer support line, many were unable to get through, meeting with an immediate busy signal. The company’s support center was inundated with the sheer volume of calls, thus causing the busy signal.
Randy Burchfield, BancorpSouth’s vice president of corporate communications, said some technical glitches affected service, but added that the bank was working quickly to work the kinks out. Website activity and phone volume also is expected to lessen over the next few days, he said.
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.