Two BancorpSouth mergers delayed by federal inquiries
by MBJ Staff
Published: July 22,2014
TUPELO — BancorpSouth Inc. has extended its merger agreements with Ouachita Bancshares Corp. and Central Community Corporation.
BancorpSouth, Ouachita Bancshares Corp. and Central Community Corporation have determined additional time will be required to obtain regulatory approvals and to satisfy closing conditions necessary to complete their respective mergers. They have extended their respective merger agreements to June 30, 2015.
“We continue to believe our proposed mergers with Ouachita Bancshares Corp. and Central Community Corporation are in the best interest of our shareholders, customers and communities,” said Dan Rollins, BancorpSouth chairman and CEO.
As previously announced, the mergers have been unanimously approved by the boards of directors of all three companies, and by the shareholders of Ouachita Bancshares Corp. and Central Community Corporation. The transactions remain subject to required regulatory approvals and the satisfaction of other closing conditions.
BancorpSouth has learned that federal bank regulators have identified concerns during the course of routine supervisory activities regarding BancorpSouth’s procedures, systems and processes related to certain of its compliance programs, including its Bank Secrecy Act and anti-money-laundering programs. In addition, the Consumer Financial Protection Bureau currently is conducting a review of BancorpSouth’s fair lending practices.
Rollins said, “While disappointed in the delay in being able to close these transactions, we are working diligently to resolve the compliance concerns that have been identified and to make the necessary improvements in our compliance programs. We are pleased with the confidence that our merger partners have demonstrated through the extension of the merger agreements.”
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