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Tag Archives: banking

Mississippi bank to buy Florida institution for $32M

An acquisitive Mississippi bank is buying a bank in Florida’s capital city. The First Bancshares Inc. of Hattiesburg announced Wednesday that it’s buying Sunshine Financial Inc. of Tallahassee, Florida for $32 million in stock and cash. It owns Sunshine Community Bank, with five offices and $194 million in assets. Stockholders will get 75 percent stock and 25 percent cash. The ...

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Mississippi bank to shift shares to over-the-counter market

A south Mississippi bank will voluntarily shift trading in its stock from a small-company stock market to an over-the-counter exchange. Peoples Financial Corp. Chairman Chevis Swetman says in a statement that directors made the shift to cut costs. The company is the parent of The Peoples Bank, which operates 18 branches and has $657 million in assets. The last day ...

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THE CFO LIFE — Importance of chief financial officers continues to increase

By BECKY GILLETTE The role of chief financial officer has grown in importance in recent years, especially when talking about CFOs for large and\or public companies. “The job is much broader than it once was,” said Burns Chair of Accountancy Dr. Dale Flesher, associate dean, University of Mississippi Patterson School of Accountancy. “If you are talking about a public company, ...

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Hope begins credit union at Provine High School

By JULIA MILLER Hope Federal Credit Union is working toward making the future brighter by providing Provine High School students with the knowledge of financial tools and services that can help them gain success. By opening the first student-run credit union branch in Jackson, it is giving business academy students the opportunity to hone what they have learned in the ...

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First Bancshares to buy Ala. bank, doubles income through acquisitions

The First Bancshares Inc. of Hattiesburg announced Tuesday that it will buy an Alabama bank for $60 million, expanding its footprint in southwest Alabama.  First Bancshares says it will acquire Southwest Banc Shares Inc. of Chatom, Ala., paying $36 million in stock and $24 million in cash. The Mississippi bank seeks to sell $45 million in stock, in part to ...

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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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