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Author Archives: Ted Carter

So much for a handshake

Cadence spurns Trustmark for upstart Houston investment group In the end, Starkville-based Cadence Bank’s handshake and “definitive agreement” with Trustmark National Bank went by the wayside last Wednesday in exchange for an attractive sale price and immediate capital injection of upwards of $200 million from a Houston banking investment group. The prospect of keeping intact its workforce, name and charter ...

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‘Rapids’ property up for auction this week

A foreclosure auction Tuesday on the steps of the Rankin County Courthouse will decide the future of the 25 acres that once made up the Rapids on the Reservoir water park and later set off a controversy when a developer wanted to build several hundred apartments on the land. The winning bidder will be gaining a 60-year renewable lease on ...

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Stage set for Wells Fargo as era begins in Mississippi

Wells Fargo made its name in the Old West with daring stagecoach ventures through a treacherous frontier. In Mississippi, the San Francisco-based banking giant hopes to build a reputation as a key lender to business, especially in agriculture, said Fred Osing, Wells Fargo business banking manager for Mississippi. Wachovia, whose Mississippi operations converted officially to Wells Fargo last week, was ...

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More Gulf waters open to fishing

GULF OF MEXICO — Gulf commercial and recreational fishermen Tuesday regained nearly 3,000 square miles of the vast swath of waters closed to fishing after the BP/Deepwater Horizon oil spill. The National Oceanic and Atmospheric Administration (NOAA) reopened 2,927 square miles (7,581 square kilometers) of area it had previously closed to commercial and recreational fishing in the Gulf of Mexico ...

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Secretary of State sells cemeteries for $1 each

The Mississippi Secretary of State’s office will soon be out of the cemetery business in Laurel and North Mississippi. Two of the distressed properties went to a church and a non-profit group, respectively, for bids of $1, and the others went to a pair of funeral homes for bids of $12,500 and $20,100, respectively. The bids were accompanied by commitments ...

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Morgan Keegan hearing reset for early 2011

The Mississippi Secretary of State’s office agreed to postpone a hearing that was set for today regarding claims that Morgan Keegan & Co. misled Mississippi investors, causing them to lose $2 billion. The hearing will likely be rescheduled for January or February, an official has said. Postponement of the hearing that was set for this morning gives Morgan Keegan, the ...

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Golden Triangle key for Trustmark

Memphis, Tuscaloosa markets also drawing cards Trustmark National Bank executives looked with envy at competitor Cadence Bank’s dominance throughout the economically resurgent Mississippi Golden Triangle and Cadence’s strengths in such markets as Memphis and Tuscaloosa. They turned envy to action this week with the signing of a “definitive” agreement to acquire the $1.8 billion Starkville-based bank holding company in a ...

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Trustmark to take over troubled Cadence

Trustmark has reached a deal to take over troubled Cadence Bank, a $1.87 billion regional bank holding company that federal regulators had under a consent order that expired Sunday. Both banks are publicly held with headquarters in Mississippi, Trustmark in Jackson and Cadence in Starkville. They announced the deal late Monday, a day after a deadline set by the Office ...

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Acquisitions and mergers

Flurry of activity may be in the future of many Mississippi institutions A desire to offset dried up demand for consumer and business loans may set off a round of acquisitions and mergers among Mississippi banks. With ledger sheets showing greatly diminished interest income, bankers must get resourceful if they want to see some money flowing. Banking consultant Hans Pettit ...

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Cadence faces deadline and possible FDIC takeover

Starkville-based bank must meet capital requirements of a May consent order issued by the Office of the Comptroller of the Currency Starkville’s troubled Cadence Bank faces a crucial regulatory test with a Sunday deadline to meet capital requirements of a May consent order issued by the Office of the Comptroller of the Currency. The $1.87-billion regional bank holding company concedes that the ...

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