TUPELO — BancorpSouth Inc. has closed an underwritten public offering of 10,952,381 shares of its common stock at a price to the public of $10.50 per share. The gross proceeds from the offering, before expenses, were $109.3 million.
The proceeds from the offering will be used by the financial institution for general corporate purposes, including to maintain certain capital levels and liquidity at the company, potentially provide equity capital to BancorpSouth Bank, fund growth either organically or through acquisition of other financial institutions, insurance agencies, or other businesses that are closely aligned to the operations of the company, and fund investments in its subsidiaries.
Morgan Stanley & Co. LLC and Stifel, Nicolaus & Company Inc. acted as the joint book-running managers in the offering. Stephens Inc., Keefe, Bruyette & Woods, and Sandler O’Neill + Partners, L.P. served as co-managers for the offering.
In a separate BancorpSouth-related item, BancorpSouth Insurance Services Inc., a division of BancorpSouth Bank, has released its branded BancorpSouth Insurance Services Inc. Mobile app for the iPhone, iPad, iPod Touch and Android.
With this new mobile insurance app, clients can locate an office, contact an agent, report a claim and more.
Markham McKnight, BancorpSouth Insurance president, said, “BancorpSouth Insurance provides clients with a simple way to access information and report a claim any time of the day or night, seven days a week.”