BancorpSouth Insurance acquiring Alabama agency
by MBJ Staff
Published: June 26,2012
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.”
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Drew Brees settles lawsuit alleging investment fraud
- Doctor convicted of using phony church for tax shelter
- Ex-Delta mayor indicted, accused of stealing city property
- Cochran's legal counsel asks Court to toss McDaniel's lawsuit
- Williams-Sonoma expanding, adding nearly 1,000 jobs
- More than half-dozen groups file charter school applications
- Ex-baliff wants pay or her job back after termination
- State Rep. Patterson switches from Democrats to GOP
- Biloxi baseball project still alive but may be held for 2015