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Tag Archives: banking

CDFI funds help underserved areas thrive

By JULIA MILLER Some might say money makes the world go round, but access to money is linked to something more important — creditworthiness. When access to traditional bank loans is limited, those in economically distressed areas turn to the unsavory side of predatory loans. By taking advantage of federal funding, Community Development Financial Institutions are working to make sure ...

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Keesler Federal Credit Union celebrating 70th anniversary

By BECKY GILLETTE In 1947, ten civil service employees working at what was then Keesler Field realized a need for wage board employees to have an opportunity to accumulate savings and have access to affordable credit. They were granted a charter for Keesler Federal Credit Union (KFCU) that year, and in a year had grown to about 270 members and ...

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Mississippi’s banks, customers feel the changing tech environment

By BECKY GILLETTE The financial services industry as a whole is facing an extraordinarily complex and ever changing technological environment, said Mississippi Bankers Association Chairman Gerard R. “Jerry” Host, who is president and chief executive officer of Trustmark Corporation and Trustmark National Bank. “One challenge I believe is common, not only to the MBA, but to our colleagues in other ...

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Two Mississippians offering ways to help those in bank deserts

By CALLIE DANIELS BRYANT More than 15 percent percent of Mississippians do not have a bank account. Close to a quarter of Mississippians are under-banked, meaning they have limited access to retail banks and credit unions, instead preferring to cash paychecks immediately with a nontraditional financial service. With these statistics biennially reported by Federal Deposit Insurance Corporation, banking branches and Mississippians ...

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Retailers, tech, health care companies lead US stocks higher

U.S. stocks are rising Wednesday as retailers including Urban Outfitters and Target climb. That’s helping retailers recover some of the sharp losses they took a day earlier. Health care and technology companies are also trading higher. Energy companies are lagging the rest of the market as the price of oil turns lower. KEEPING SCORE: The Standard & Poor’s 500 index ...

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BancorpSouth restructuring dissolves bank holding company

By DENNIS SEID / Daily Journal BancorpSouth Inc. is dissolving its bank holding company, merging its operations with its banking subsidiary, BancorpSouth Bank. BancorpSouth will remain a publicly traded company, continuing to be listed on the New York Stock Exchange under its current symbol, BXS. Most banks have bank holding companies, or BHCs, which allow them to enter into non-banking ...

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KEEPING IT TOGETHER — Large mergers take work, communication and similar cultures

By BECKY GILLETTE Mississippi has seen two big mergers of late that affect tens of thousands of employees, customers and patients. Baptist Medical Center of Jackson and Baptist Memorial Health Care of Memphis merged May 1 creating one of the largest healthcare providers in the mid-South — Baptist Memorial Health Care. And Metropolitan Bank merged with one of the biggest ...

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Settlement shuts down payday lender, cuts fine nearly in half

By TED CARTER All American Check Cashing owner Michael Gray has settled with state banking regulators after years of failed legal appeals over charges his dozens of payday lending stores used illegal loan rollovers to trap borrowers in a cycle of debt. In exchange for Gray dropping further appeals of a license revocation order and civil penalties from the Mississippi ...

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Judge lets state agency shut down Mississippi payday lender

A judge says Mississippi regulators can shut down one of the state’s largest payday lenders, prompting an appeal. Hinds County Chancery Judge Dewayne Thomas had temporarily blocked penalties against All American Check Cashing by state banking regulators. But he ruled Tuesday that he wouldn’t reinstate All American’s licenses to cash checks or make small loans while the company fights the ...

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MBA foundation promotes education, scholarships

By BECKY GILLETTE   About five years ago the Mississippi Bankers Association decided it would be beneficial to establish a 501(c)(3) non-profit organization to fund consumer education and scholarships in the state. To date, due to the generosity of bankers in the state, the MBA Education Foundation has raised nearly $280,000, said Mac Deaver, president of the MBA. “At the ...

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