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Tag Archives: Banks

Legislation would drive up interest rates on some loans

JACKSON — Mississippi borrowers could soon pay more for some kinds of loans if lawmakers approve a bill to allow higher interest rates. House Bill 1396 would allow loan companies to charge 99 percent interest for loans up to $1,500. The current cap is 36 percent. It would also change amounts that could be charged for loans up to $4,000. ...

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Justices uphold decision to throw out jury award against Trustmark

JACKSON — The Mississippi Supreme Court has upheld its decision to throw out a $3.72 million jury award against Trustmark National Bank in a lawsuit brought by a construction firm. The Clarion-Ledger reports the construction company had accused the bank of improperly giving the state $1 million from the firm’s account. In 2009, A Hinds County Circuit Court jury returned ...

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Peoples restates earnings to account for more loan losses

BILOXI — Peoples Financial Corporation, parent of The Peoples Bank, has revised fourth quarter and 2011 earnings to account for an additional loan loss provision of $660,000, announced Chevis C. Swetman, chairman and CEO of the holding company and the bank. As a result of the revisions, fourth quarter earnings totaled ($622,000) for the fourth quarter 2011 and $1.203 million ...

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Trustmark completes acquisition of Florida bank

JACKSON — Trustmark Corporation’s subsidiary, Trustmark National Bank, has completed its previously announced merger with Bay Bank & Trust Co., Panama City, Fla. Gerard R. Host, president and CEO of Trustmark, said, “We are pleased to welcome the customers and associates of Bay Bank to the Trustmark family. Bay Bank, with seven offices and $116.9 million in loans and $206.6 ...

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SBA disaster loan deadline approaching

ACROSS MISSISSIPPI — The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of all sizes that April 9 is the filing deadline for federal economic injury disaster loans. These working capital loans are available in the counties of Adams, Amite, Attala, Claiborne, Coahoma, Copiah, DeSoto, Franklin, Hinds, ...

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Jackson Convention Complex, Trustmark extend marketing partnership

JACKSON — SMG, managers of the Jackson Convention Complex, reports the Jackson Convention Complex and Trustmark National Bank have renewed their commercial rights marketing partnership, extending Trustmark’s designation as the exclusive bank of the Jackson Convention Complex for an additional three years. SMG general manager Kelvin Moore said, “Trustmark was one of the original marketing partners for the Complex. Their ...

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Pearl River Resort lands debt refinancing via Trustmark agreement

CHOCTAW — The Mississippi Band of Choctaw Indians has signed a debt refinancing agreement for the Pearl River Resort in Neshoba County and the Bok Homa Casino in Jones County. The new loan is for $78 million at a 6 percent variable rate for five years. The agreement was signed yesterday by Chief Phyliss J. Anderson and officials with Trustmark ...

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Bank to take over historic Monmouth in foreclosure proceedings

NATCHEZ — United Mississippi Bank was expected to assume ownership of historic Monmouth today in foreclosure proceedings. Warren Reuther, president of New Orleans Hotel Consultants, said his company has met with bank representatives about the possibility of managing Monmouth. Reuther said the bank intends to do everything they can to keep Monmouth open because of the vital role the property ...

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ABA honors BankPlus for program aimed at the underserved

RIDGELAND — The American Bankers Association has recognized 10 banks for their outstanding leadership by honoring them with an ABA Community Bank Award. The 2012 awards were presented in seven categories ranging from Improving Financial Literacy to Reaching Out to the Underserved. The ABA selection committee awarded 10 banks from a field of nearly 200 nominations based on the innovation, ...

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Coast county to borrow money to fund multiple projects

JACKSON COUNTY — Jackson County supervisors have voted to borrow $2.5 million in a five-year note to complete multiple projects. The Mississippi Press reports about $1.2 million will go toward site work on the new Adult Detention Facility and $430,000 will fund a Highway Patrol building on Mississippi 57. Another $430,000 will go to improvements at the overcrowded West Jackson ...

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