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Banking & Finance

Stock market trying to bounce back

NEW YORK — U.S. stocks appear headed to snap their worst losing streak since the market bottomed last March. Futures are sharply higher Monday. The market is trying to bounce back from a three-day losing streak that saw the Dow Jones industrial average fall 5.2 percent, including a 2.1 percent drop on Friday. Concerns about a new proposal from President ...

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Tax credit expected to hurt home sales

WASHINGTON — Last month’s sales of previously occupied homes are expected to be down sharply from November after prospective buyers were granted more time to take advantage of a tax credit. Buyers last month were no longer scrambling to qualify for a tax credit for first-time homeowners that was due to expire on Nov. 30. To give the market an ...

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BancorpSouth reports improved quarter

TUPELO — BancorpSouth’s net income for the fourth quarter of 2009 was $19.4 million, or $0.23 per diluted share, compared with $16.8 million, or $0.20 per diluted share, for the fourth quarter of 2008. Net income for the year ended Dec. 31, 2009, was $104.3 million, or $1.25 per diluted share, compared with $120.4 million, or $1.45 per diluted share, ...

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Magnolia State Bank still growing strong

Prime Mortgage acquisition/Hattiesburg office significant milestones for company   In 1975, a group of Jasper County businessmen established a state-chartered bank to better meet the needs of the residents of the county and Bay Springs. Nearly 35 years later, Magnolia State Bank is thriving, and bears little resemblance to the original financial institution known as Jasper County Bank. Magnolia State ...

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Metropolitan: The little bank that could

  21-month-old bank is turning heads in the Southeast with more than $400 million in assets Some people might label Metropolitan Bank the little bank that could. After posting its first profitable month last September, six months ahead of schedule, the 21-month old bank is turning heads in the Southeast. From the $60-million asset bank Metropolitan president/CEO Curt Gabardi and ...

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Madison County Bank gets new name

Merger expected to reap large dividends On Jan. 4, a familiar bank in Central Mississippi got a new name. Madison County Bank is now officially Community Trust Bank of Mississippi, the first readily apparent result of the bank’s merger struck last year with Community Trust Bank, which is based in Ruston, La. In Sept. 2009, the banks’ holding companies, Community ...

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State bank stocks not hit as hard by late week market losses

Hancock, Bancorpsouth, Trustmark hold solid against the tide U.S. stocks are expected to turn sharply lower for the second straight day Friday, as investors remain jittery about President Obama’s new bank plan, which seeks to prohibit banks from owning hedge and private equity funds. Shares endured a second day of heavy losses, pushing them back to December levels after the ...

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Obama's speech spooks investors

NEW YORK — The stock market turned sharply lower today as investors anxiously waited for President Barack Obama to speak about his financial overhaul plan. The Dow Jones industrial average tumbled 170 points, its fourth straight triple-digit swing. Financial stocks led the latest pullback. Obama was to announce the plan for tougher regulation of the nation’s banks in remarks at ...

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Source: Obama seeks bigger banking restrictions

WASHINGTON — President Barack Obama, eager to harness and redirect voter anger over bank bailouts, is ramping up his war on Wall Street. Building on his own proposals and the work of the House, the president wants new federal government powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk ...

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Bank of America posts $5.2B loss

CHARLOTTE, N.C. — Bank of America Corp. said Wednesday it lost $5.2 billion during the final three months of 2009 as consumers struggled to make mortgage and credit card payments and the bank repaid its government bailout money. Bank of America said its loss, which reflected the payment of preferred dividends, compared with a loss of $2.4 billion a year ...

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