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MBJ FEATURE

Heritage willing to entertain offers

It’s tough persuading someone to buy your problems, especially when it will take millions of dollars to make them go away. But when you’re Heritage Bank with a lock on more than half the market in Carthage, you may draw some interest. The only question is whether potential buyers will prefer to wait until the Federal Deposit Insurance Corp. is ...

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Wildfire!

Drought turns state into kindling For the second time this year, state officials are in a high state of alert due to a spate of wildfires statewide. Wildfires have already claimed property across the state, but unlike the oil spill, have also already threatened lives. And, the drought conditions fostering the threat could have an impact that will be felt ...

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‘Tarnished franchise?’

Cadence battles public opinion after backing out of Trustmark deal; claims it saved 125 jobs in Starkville area because of the move Cadence Bank’s shareholders — especially the “insiders” who own nearly11 percent of the bank holding company’s stock — get an appealing payday from last week’s decision to scrap an acquisition deal with Trustmark National Bank in favor of ...

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Greenville hires new director

Larry Jones has worked in the Delta before, but on the western side of the Mississippi River in Arkansas. He’ll try his hand across the water starting Nov. 1. Jones, currently the deputy director for economic development for the city of Jackson, will take over as executive director of the Delta Economic Development Center in Washington County on Nov. 1. ...

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Trustmark loss of CADENCE stings but it’s not permanent

Getting jilted by Cadence Bank will cost Jackson’s Trustmark National Bank 7 cents in earnings per share for 2011, banking analyst Kevin Fitzsimmons of Sandler O’Neil & Partners estimates. The 7 cents reduction puts the earnings per share for next year back to pre-acquisition estimate of $1.52, said Fitzsimmons, managing partner of the New York-based investment banking firm. He noted ...

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Russ faces uphill challenge in Natchez

With outlook grim, economic development vet comes home to change chemistry Chandler Russ grew up in Natchez, went to the University of Southern Mississippi and has since built an economic development career that has taken him to almost every part of Mississippi and into Arkansas. He’s about to go back home. On Nov. 1, Russ will become the first director ...

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There are options for those with poor credit

Mississippi businesses and consumers who struggle to gain credit can turn to nearly a dozen lenders in the state that have received more than $250 million in low-cost capital from the Treasury Department under the Troubled Asset Relief Program, or TARP. Mississippi’s financial institutions led the nation in total funding from TARP’s Community Development Capital Initiative, pulling in slightly more ...

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Right in the middle of it

Dilemma at home: No easy options for state on flawed foreclosures A mess that began with big national banks adopting an assembly line approach to home foreclosures has moved from Mississippi’s doorstep into its living room. Getting rid of the intruder — and reversing its threat to the state’s banking and housing sectors — requires a temporary halt to all ...

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TALKS: Who knew what and when?

Trustmark would like to know exactly when Houston- based Community Bancorp, LLC started talking acquisition with Starkville’s Cadence Bank won’t be known until Cadence files a proxy statement with the U.S. Securities & Exchange Commission by Oct. 18. That’s some reading material that Trustmark National Bank executives will look at with interest. Trustmark executives learned upon arriving at work last ...

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Delay could cost Regions more money

Resolving complaints on Morgan Keegan troubles already has $2B price tag If time is money, Birmingham-based Regions Bank is all but guaranteed to see a rising price tag for resolving federal and state complaints that misleading advice from subsidiary Morgan Keegan caused investors to lose about $2 billion. By the end of the second quarter, Regions had placed its expected ...

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