Archive for the ‘BancorpSouth’ Category
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 »
BancorpSouth announced it will a dividend of 5 cents a share on Oct. 1.
It’s the first time BancorpSouth has raised its dividend after it cut its quarterly payment to 1 cent a share in the second quarter of 2011.
Here’s what the Tupelo-based bank had to say:
Dan Rollins, Chief Executive Officer of BancorpSouth, commented, “We are very pleased to announce this increased payment to our shareholders; a level of payment that is consistent with current industry dividend payout ratios, which measure the size of a dividend payment compared to the company’s net income. As shareholders, our Board has clearly understood and shared the desire to enhance our dividend and return more capital to our shareholders. Our decision reflects the confidence that we have in the strength of our enterprise risk management system, the strength of our core capital base, and the belief that our strategic plan will continue to produce profitable growth.”
The $0.05 per share payment is the first increase in the Company’s cash dividend since the reduction of the quarterly payment to $0.01 per share in the second quarter of 2011.
CEO Dan Rollins continued, “I am encouraged with the progress made through the first half of this year towards our efforts to improve our efficiency and expense control, our continued progress in improving asset quality, and our revenue growth opportunities as we continue to emphasize to our people the importance of growth, both in our loan portfolio and in our lines of business.” Read the rest of this entry »
Baldwyn-based Farmers & Merchants Bank is acquiring three branches of SouthBank FSB in Corinth and Selmer, Tenn.
FMB will assume $56 million of selected deposit accounts as well as the physical locations of the offices.
The announcement comes a little more than a week after Trustmark completed its acquisition of two former SouthBank locations in Oxford.
The deal must meet regulatory approval, but it’s expected to be completed in the fourth quarter of this year. FMB also has Cornerstone Insurance as part of its portfolio.
“On behalf of the FMB Board of Directors,” stated Paul Haynes, Jr., Chairman, “we welcome the staff and customers of SOUTHBank to the FMB family and expect to provide the best in personal banking to each and every one of them.”
Gerard R. McLemore, President of the Mississippi Region of SOUTHBank, F.S.B., stated, “We look forward to becoming a part of the Farmers and Merchants Bank family and welcome this opportunity. This transaction provides our existing customers with the added convenience of seven well-positioned banking offices throughout the Northeast Mississippi region.” Read the rest of this entry »
BancorpSouth is redeeming $125 million in trust-preferred securities, the Tupelo-based financial holding company said late Wednesday.
BancorpSouth is using $75 million in cash, plus another $50 million in debt for the buyback on Aug. 12
By buying back the securities, BancorpSouth expects to save about $9.1 million in interest expense.
Here’s what the bank said in its press release: Read the rest of this entry »
BancorpSouth (NYSE: BXS) said 227 people had opted to accept the company’s voluntary early retirement option.
The company earlier last month said the offer was made to 418 eligible workers – based on length of service, age and job classification status. That’s about 10 percent of its total workforce spread across eight states and nearly 300 locations.
Of the 418 employees who were eligible to participate in the program, 227 accepted the early retirement offer. As a result, the Company will record a one-time, pre-tax charge of $10.9 million, or $0.07 per share net of tax, related to the additional benefits offered under the terms of the program. The program will result in fully phased-in annual pre-tax savings of approximately $9 million, or $0.06 per share net of tax.
Dan Rollins , BancorpSouth Chief Executive Officer, said, Read the rest of this entry »
BancorpSouth Inc. could trim as much as 10 percent of its workforce through a voluntary early retirement program it says is part of the company’s efforts to cut costs and improve efficiency.
The company said it would take a one-time pretax charge of $8 million to $16 million, or 6 to 10 cents per share, during the second quarter. After that, BancorpSouth would save $7 million to $12 million a year, or 4 cents to 8 cents a share.
Reports surfaced earlier this week that the Tupelo-based financial holding company had identified employees within its 292-location, eight-state reach to make the offer. Arkansas Business said the voluntary retirement offer was extended to employees who were 60 and older with 10 consecutive years of service with the company. In its statement Wednesday, BancorpSouth only confirmed the offer had been made to 418 employees – about 10 percent of its workforce – “who were eligible because they met job classification, age and length-of-service criteria as of March 31, 2013.
However, BancorpSouth’s senior executive officers and other key employees were not eligible for the program.
Two years ago, the company announced a “branch optimization plan” that closed 22 offices in six states, affecting about 100 employees.
As of Wednesday, 296 of the 418 has responded to the voluntary early retirement offer, and 194 had accepted. Read the rest of this entry »