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Banking & Finance

Renasant's earnings tumble

TUPELO — Renasant Corporation reports net income for the third quarter of 2009 was $4.225 million, compared to $7.558 million for the third quarter of 2008. Basic and diluted earnings per share were $0.20, compared to basic and diluted earnings per share of $0.36 for the third quarter of 2008. “We continued our focus on reducing and controlling operating expenses ...

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First M&F posts quarterly loss

KOSCIUSKO — First M&F Corp. reports a net loss for the quarter ended Sept. 30 of $580,000 attributable to common shareholders, or ($0.06) basic and diluted earnings per share, compared to the second quarter of 2009 loss attributable to common shareholders of $5.498 million, or ($0.61) per share, and a profit of $ 2.210 million, or $0.24 basic and diluted ...

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Hancock to offer common shares

GULFPORT — Hancock Holding Company has commenced an underwritten registered public offering of approximately $150 million in common stock. Hancock Holding Company intends to grant the underwriters an option to purchase up to an additional 15 percent of the shares sold to cover over-allotments, if any. Keefe, Bruyette & Woods Inc. and Morgan Stanley are acting as joint lead book-running ...

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Fitch rates state bonds 'AA'

JACKSON — Fitch Ratings has assigned “AA” ratings to the following State of Mississippi (the state) general obligation (GO) bonds: $340.375-million taxable GO bonds, series 2009D; $120-million taxable GO bonds, series 2009E; $64.145-million GO refunding bonds, series 2009F; and, $98.3-million GO Build America Bonds, series 2009G (Direct Payment – Federally Taxable). Additionally, Fitch has affirmed the “AA” rating on the ...

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SBA introduces course for female entrepreneurs

WASHINGTON — Women who own small businesses will be able to use a new online U.S. Small Business Administration (SBA) training course to learn how to identify and take advantage of federal contracting opportunities. The new training course, Winning Federal Contracts: A Guide for Women Entrepreneurs, is part of an ongoing government-wide initiative to promote opportunities for women-owned businesses in ...

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Dow closes above 10,000 for first time in a year

The Dow Jones Industrial Average closed above 10,000 today for the first time in a year in what some analysts are saying could be a good sign the overall market is recovering from the nearly two-year-old recession. “This rally is real,” said Clark Smith, a partner at Woodridge Capital in Jackson. “There’s no doubt it’s real.” The 30-stock index bottomed ...

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Bullard: New policy rule needed

ST. LOUIS, Mo. — During a speech Oct. 11 at the 51st-annual meeting of the National Association for Business Economics, St. Louis Fed president James Bullard reaffirmed the need for a Taylor-type policy rule for the Federal Reserve’s asset purchase program. Such a rule would help communicate how asset purchases may be adjusted as economic conditions change, while remaining consistent ...

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Advance Mississippi adds BankTEL

COLUMBUS and JACKSON — Advance Mississippi has gained a new member. BankTEL Systems, LLC, a financial software company, recently joined Jackson-based Advance Mississippi. “BankTEL Systems, located in Columbus, is pleased to join Advance Mississippi as we share the organization’s goals of promoting real, common sense energy solutions to help fuel Mississippi’s economic future,” said Boyce Adams Jr., vice president of ...

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'We got robbed the day we retired': Victims talk about Stanford debacle

Troy and Melanie Lillie of Maurice, La. lost their life’s savings in the Stanford Financial Group Ponzi scheme. “We got robbed the day we retired,” Melanie Lillie said in a post-hearing interview at the state Capitol Monday in Jackson. Her husband worked for Exxon Mobil in Baton Rouge for 29 years before retiring and instantly investing his retirement funds with ...

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ARRA boosts SBA loans

WASHINGTON — Changes under the American Recovery and Reinvestment Act (ARRA) to U.S. Small Business Administration (SBA) loan programs led to a rebound in SBA-backed loans for small businesses and greater access to much-needed capital. Since the ARRA was signed Feb. 17, SBA has supported more than $11.3 billion in lending to small businesses through its two largest loan programs ...

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