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MBJ FEATURE

Trustmark CEO: Cadence deal lost luster after competitor upped ante

Trustmark ready to consider new acquisition opportunities if money potential is right. Trustmark executives backed away from the Cadence acquisition because a bid showdown with competing suitor Community Bancorp of Houston had too much short-term downside, said Trustmark chairman and CEO Richard Hickson in his first public remarks about his bank’s loss of the merger in early October. Trustmark had a ...

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Regions’ loan repair efforts contribute to losses for Q3

BIRMINGHAM, Ala. — Earnings blues continued for Regions Financial Corp. as the parent of Regions Bank reported another quarter of losses last week. The $133 billion regional banking company attributed the losses of 17 cents a diluted share largely to disposal of $1 billion in troubled assets and efforts to keep risks off the balance sheet. The bank had net ...

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BancorpSouth back in the black but trouble with bad loans persists

Bank handicapped by increasing loan loss reserves A $32.3-million allocation to cover a $107.1-million increase in non-performing loans took a bite of BancorpSouth Inc.’s third quarter earnings, but Mississippi’s largest headquartered bank returned to profitability in the quarter. The move into the black got an assist from a nearly $10-million income tax benefit and a big bump in mortgage earnings. ...

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Agri-tainment

It’s not new, but it’s saving the farm for owners after a disastrous 2009 There is a segment of the Mississippi farming community that is suffering from severe drought, and they couldn’t be happier. Last year, farms that offer “agri-entertainment” — off-season, non-farm revenue-generators such as hayrides, farm demonstrations and petting zoos — took a double hit from drought followed ...

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Hispanics and the law

Legal system challenged by growing Latino population Earlier this year, Madison County Sheriff Toby Trowbridge told a State Senate panel that his officers were picking up illegal immigrants nearly on the hour. Trowbridge told lawmakers these extra bookings were creating an extraordinary burden on his department. Now the question is can the legal system handle the new caseload? And will ...

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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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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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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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MDA focusing on existing industry

Several sewing factory workers walked into the economic development office in Laurel unannounced. This was the early 1990s, when a lot of the “cut and sew” factories were heading in droves to China and Mexico. The workers wanted to see the organization president, Mitch Stennett, so they could tell him that Laurel Industrial Garment had announced it was selling out ...

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