Regulatory snags have once again delayed Tupelo’s BancorpSouth Inc. acquisitions of Ouachita Bancshares Corp. of Monrore, La., and Central Community Corp. of Temple, Tex.
Meanwhile, Tupelo’s Renasant Bank has completed its takeover of Heritage Financial Group Inc., a bank holding company headquartered in Albany, Ga. and the parent of the $1.9 billion HeritageBank of the South, a Georgia savings bank. The deal gives the $7.5 billion Renasant a presence in South Georgia and coastal Georgia to add to its 171 banking, mortgage, wealth management, investment and insurance offices throughout Mississippi, Tennessee, Alabama, Georgia and Florida.
The $13.7 billion BancorpSouth was to have closed its acquisitions of Ouachita Bancshares Corp. and Central Community Corp. by the end of the second quarter of 2014. The Ouachita deal included stock and $22.9 million to shareholders of the Monroe banking company. The Central Community acquisition included stock and $28.5 million in cash to the Temple bank
BancorpSouth gave no reason for the new delays in closing the deals. But in announcing the initial delay in July 2014, BancorpSouth said it had learned that federal bank regulators have identified concerns during the course of routine supervisory activities regarding BancorpSouth’s procedures, systems and processes related to some of its compliance programs, including its Bank Secrecy Act and anti-money-laundering programs.
It refilled its merger applications with the Louisiana and Texas banks earlier this year and received a six-month extension to close the deals.
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