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Tag Archives: banking and finance

Economic crisis gave Metropolitan Bank the opportunities it needed

>> Gabardi’s idea was to cultivate a niche space in which Metropolitan’s bankers would compete against other bankers — not other banks As the sky seemed to be falling on the nation’s banking sector in 2008, veteran banker Curt Gabardi and his “Band of Bankers” executive corps decided there may never be a better time to start a bank. Out ...

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Renasant sees better quarter, but yearly earnings down

TUPELO — Renasant Corporation, for the fourth quarter of 2011, saw net income of $5.79 million, compared to $4.721 million for the fourth quarter of 2010. Basic and diluted earnings per share (EPS) were $0.23 for the fourth quarter of 2011 as compared to basic and diluted EPS of $0.19 for the fourth quarter of 2010. Net income for 2011 ...

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BancorpSouth commences $100M public offering

TUPELO — BancorpSouth Inc. has commenced an underwritten public offering of $100 million of its common stock. The company said it intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of common shares sold pursuant to this transaction. All of the shares are being offered by the Tupelo-based financial institution. BancorpSouth said it ...

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Fed's Bullard discusses new research paper

NORTH MISSISSIPPI — Federal Reserve Bank of St. Louis president James Bullard recently discussed his new research paper, titled “Death of a Theory,” with members of various financial institutions and local business leaders at the Edward Jones Annual Meeting. Bullard discussed business cycle stabilization using fiscal rather than monetary policy. The former attempts to react to aggregate shocks to the ...

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Report: Mississippi has lowest average home loan

ACROSS MISSISSIPPI — LendingTree.com has released data highlighting the average loan amount on residential real estate purchases for all 50 states and Washington D.C. for the year. Hawaii, by far, leads the nation with an average home loan amount of $677,299, followed by Washington, D.C., at $393,453, New Jersey at $344,240 and New York at $340,124. The states with the ...

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SBA loans available to victims of drought

BENTON COUNTY and MARSHALL COUNTY — The U.S. Small Business Administration’s economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Benton and Marshall counties in Mississippi as a result of drought and excessive heat that occurred from May 1-Oct. 31, 2011. “These ...

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Report: State's foreclosure rate fell in 2011

ACROSS MISSISSIPPI — The pace of home foreclosures in Mississippi slowed substantially in 2011, following a national trend that may soon be reversed, a national foreclosure tracking firm said yesterday. Irvine, Calif.-based RealtyTrac said that in 2011, 3,172 homes in the state were hit by some sort of foreclosure action. Those range from an initial notice of default to repossession ...

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Regions selling Morgan Keegan to Raymond James for $930M

BIRMINGHAM, Ala. — Regions Financial Corp. has entered into a stock purchase agreement to sell Morgan Keegan & Company Inc. and related affiliates to Raymond James Financial Inc., for $930 million. As part of the transaction, Morgan Keegan will also pay Regions a dividend of $250 million before closing, pending regulatory approval, resulting in total proceeds of $1.18 billion to ...

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Ross King Walker now Hancock Insurance

HATTIESBURG — Hancock Bank has renamed Hattiesburg-based Ross King Walker as Hancock Insurance Agency. Hancock Bank acquired 103-year-old Ross King Walker (RKW) in 2004, and RKW retained its name as a division of Hancock Insurance Agency, a wholly owned subsidiary of Hancock Bank founded in 1902. RKW executives said the decision to rename RKW as Hancock Insurance Agency reflects the ...

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Keenum sentenced to 22 months for bank fraud

BOONEVILLE — Once prominent attorney Thomas D. Keenum Sr. of Booneville has been sentenced to 22 months for federal bank fraud. The 73-year-old Keenum pleaded guilty in August 2010 to a scheme to defraud BancorpSouth of Booneville through a $135,447 loan. He faced up to 30 years in prison and $1 million in fines. The Northeast Mississippi Daily Journal reports ...

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