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Banking & Finance

(UPDATE) Mississippi seeks its own reckoning with JPMorgan over illegal debt collections

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By TED CARTER Mississippi joined California in staying out of a legal settlement announced Wednesday by which JPMorgan Chase will pay 47 states and the federal government $125 million for illegal consumer credit collection practices. The settlement announced by the U.S. Consumer Financial Protection Bureau and the attorneys general of several states also includes $50 million in restitution to credit card ...

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COMMERCIAL FINANCE 701 — Participations: One loan and multiple banks

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H igh dollar projects and banks’ house limits are major drivers of commercial loan participations.  This article addresses why and how banks join together to make a single commercial loan. What is a loan participation? A loan participation is an arrangement among banks in which one bank shares part of its loan with one or more banks.  The arrangement is ...

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CFPB investigators enlisting help of former managers of All American Check Cashing stores

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By TED CARTER The U.S. Consumer Financial Protection Bureau has extended its investigation of Madison-based All American Check Cashing to include questioning of former managers of the company’s check cashing and payday lending stores. The Bureau had been reported to have sent investigators to Jackson to interview current and former executives of All American Check Cashing. But the Bureau’s interest ...

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BancorpSouth delays acquisitions yet again; Renasant completes Heritage takeover

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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. ...

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Pat Lane joins Cadence panel

Pat Lane has joined Cadence Bank’s local advisory board for Starkville. Lane has been a real estate broker in the Starkville area for 39 years. She was recognized as Coldwell Banker’s top producer in Mississippi from 1998 to 2001 and was honored with the International President’s Elite designation eight consecutive times. She also has been voted by the community as ...

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Planters promotes Will Sledge

Will Sledge has recently been promoted to president of the Ruleville office of Planters Bank. Sledge has been in banking for 13 years with eight years at Planters Bank’s office in Cleveland. He received his BBA and MBA from Delta State University. He is a graduate of the Mississippi School of Banking and the Louisiana State Graduate School of Banking ...

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Dudley Barnes on Barron’s list

Dudley M. Barnes, CFP, a financial adviser at Barnes-Petty Financial Advisors in Clarksdale, was recently named to Barron’s list of “The Top 1,200 Advisors” in the nation. Barnes has been named to the list since 2011. The list criteria includes the adviser’s assets under management, revenue generated, quality of service and regulatory records. Barnes-Petty Financial Advisors also has offices in ...

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COMMERCIAL FINANCE 701 — Land surveys: More than just a sketch

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We suspect that most licensed surveyors never seriously considered careers in law.  Surveying is a precise business that deals in excruciating exactness.  Lawyers are masters of gray areas and debate, repeatedly uttering the tiresome phrase “on the other hand.”  Surveyors utilize relative positional precision and standard deviations in their efforts to pin down the facts.  Facts are something lawyers prefer ...

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George Marx seeking lighter regulatory load for Mississippi banks as MBA chief

Mississippi’s banks withstood the blows of the last decade’s national banking crisis far better than many of their counterparts across the country. But it’s unclear how well they will withstand the regulatory consequences of the crisis. Career banker George Marx is trying to make sense of it all has he begins his year as chairman of the Mississippi Bankers Association. ...

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Credit union taps Devon Ballard

Devon Ballard, CIA, CUCE, has been promoted to Vice President Internal Audit for Keesler Federal Credit Union.  Ballard began her audit career with Keesler Federal Credit Union as an Internal Auditor.  In 2009, she was promoted to Senior Internal Auditor after obtaining the Credit Union Compliance Expert and Certified Internal Auditor certifications. Ballard attended Murray State University, where she obtained ...

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