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Author Archives: Ted Carter

A fire station near every home

Long-ago funding revamps help lower insurance premiums A couple of decades ago, Mississippi set a goal of putting a fire station within five miles of every home in the state. “I think we’re very close to that,” said Larry Barr, state fire coordinator for the Mississippi Department of Insurance’s Division of Fire Service Development. Two key actions by state government ...

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Better buildings bring stability

However, truly affordable rates are missing until companies that quit providing commercial coverage after Hurricane Katrina resume business in the region Quality construction has improved and an expanded roster of insurers willing to write policies have helped to stabilize the cost of insuring coastal Mississippi businesses against hurricane loses, insurance professionals say. But Gulf Coast businesses won’t be seeing truly affordable ...

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Cadence cites pressures in failed merger

Sept. 20 deadline apparently was dealbreaker As September moved past its mid-point, Cadence Bank executives saw their choices narrowed to this: Get a buyer deal done right away or feel the heat of federal sanctions for failing to meet a Sept. 19 deadline to significantly raise capital reserves. Cadence faced a two-minute drill with no timeouts left, according to a ...

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MAKING THE DEAL: How Cadence decided to go with Community bancorp

In mid-summer, Cadence Bank executives got the not-unexpected advice to forget about trying to solve the bank’s capitalization problems through an $80-million common stock offering. The current market won’t support it, cautioned Keefe, Bruyette & Woods, a New York investment banking firm hired as underwriters for the stock sale. So Cadence put the word out that it wanted a buyer. ...

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Heritage willing to entertain offers

It’s tough persuading someone to buy your problems, especially when it will take millions of dollars to make them go away. But when you’re Heritage Bank with a lock on more than half the market in Carthage, you may draw some interest. The only question is whether potential buyers will prefer to wait until the Federal Deposit Insurance Corp. is ...

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Renasant Bank reports Q3 earnings growth

TUPELO — Tupelo’s $4. 2 billion Renasant Bank, coming off this summer’s acquisition of a troubled Georgia bank, reported a third quarter income increase of nearly $16 million over the last quarter and a 63-cents increase in basic and diluted earnings per share from the second quarter. The strong showing for the quarter has the regional bank touting its potential ...

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Cadence Bank offers new details on acquisition reversal

STARKVILLE — A proxy statement Cadence Bank filed with the U.S. Securities & Exchange Commission Wednesday sheds new light on one of the most high-profile reversals of the year – Cadence’s scrapping of a publicly announced “definitive” agreement to be acquired by Trustmark National Bank of Jackson in favor an offer by Houston banking investment group Community Bancorp LLC. Executives ...

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Loan Declines fail to slow Hancock’s Q3 income surge

GULFPORT — Gulfport-based Hancock Bank saw a third quarter drop in loan demand but still generated triple-digit income growth over the previous quarter. Hancock Holding Co. reported third-quarter income of $14.9 million and a diluted earnings per share price of 40-cents. The net earnings marked a 129 percent surge from the second quarter, when net income came in at $5.5 ...

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‘Tarnished franchise?’

Cadence battles public opinion after backing out of Trustmark deal; claims it saved 125 jobs in Starkville area because of the move Cadence Bank’s shareholders — especially the “insiders” who own nearly11 percent of the bank holding company’s stock — get an appealing payday from last week’s decision to scrap an acquisition deal with Trustmark National Bank in favor of ...

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Trustmark loss of CADENCE stings but it’s not permanent

Getting jilted by Cadence Bank will cost Jackson’s Trustmark National Bank 7 cents in earnings per share for 2011, banking analyst Kevin Fitzsimmons of Sandler O’Neil & Partners estimates. The 7 cents reduction puts the earnings per share for next year back to pre-acquisition estimate of $1.52, said Fitzsimmons, managing partner of the New York-based investment banking firm. He noted ...

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