Home » NEWS » Banking & Finance » BancorpSouth Insurance acquiring Alabama agency

BancorpSouth Insurance acquiring Alabama agency

TUPELO — BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, has signed a definitive agreement to acquire the assets of The Securance Group Inc., an independent property and casualty and life and health insurance agency headquartered in Brewton, Ala.

The transaction is expected to close July 2. Financial terms of the pending transaction were not disclosed.

BancorpSouth chairman and CEO Aubrey Patterson said, “This agreement to acquire the assets of Securance Group reflects our long-term strategy to expand our successful insurance brokerage business, already among the banking industry’s largest.  The growth of our insurance business has been a key contributor to the expansion of our fee-based revenues. Insurance commission revenue accounted for nearly one-third of noninterest revenue for 2011, which, in turn, increased to a record 38.4% of total revenue for the year.  Our insurance services enable BancorpSouth to serve more of our clients’ needs, while diversifying and enhancing the stability of the Company’s total revenue.”

In addition to the agency’s Brewton, Ala., headquarters, Securance Group also operates offices in Montgomery and Troy.

BancorpSouth Insurance currently serves the Birmingham and Mobile, Ala., markets.

James Threadgill, BancorpSouth’s vice chairman of financial services, said, “While expanding our existing agency franchise, the pending Securance Group acquisition will also help solidify our Alabama market coverage by complementing our existing Mobile and Birmingham market areas.”

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Staff

Leave a Reply

Your email address will not be published. Required fields are marked *

*