TUPELO, Miss., Oct. 31, 2017 /PRNewswire/ -- BancorpSouth, Inc.
(the "Company") announced today it will close the previously
announced merger of the Company with and into BancorpSouth Bank
(the "Bank") with the Bank continuing as the surviving entity (the
"Reorganization") effective today at 11:59 p.m. All required
regulatory approvals were received from both the Federal Deposit
Insurance Corporation and the Mississippi Department of Banking and
Consumer Finance. The Reorganization is expected to improve
efficiency through the elimination of redundant corporate
infrastructure and duplicative regulatory oversight.
Additionally, the Board of Directors of the Bank has authorized
a new stock repurchase program to purchase up to an aggregate of
6,000,000 shares of the Bank's common stock. This new stock
repurchase program will become effective upon closing of the
Reorganization and will have an expiration date of December 31, 2019. Under the previous stock
repurchase program, which will terminate automatically upon the
closing of the Reorganization, the Company repurchased 4,683,273
shares of its common stock.
Under the new program, Bank shares may be purchased periodically
in open market transactions at prevailing market prices, in
privately negotiated transactions, or by other means in accordance
with federal securities laws. The actual means and timing of
purchase, target number of shares and maximum price or range of
prices under the program will be determined by management at its
discretion and will depend on a number of factors, including the
market price of the Bank's common stock, general market and
economic conditions, and applicable legal and regulatory
requirements.
About BancorpSouth
BancorpSouth (NYSE: BXS) is headquartered in Tupelo, Mississippi, with $14.8 billion in assets. BancorpSouth
operates 234 full service branch locations as well as additional
mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is committed to a culture of respect,
diversity, and inclusion in both its workplace and communities. To
learn more, visit our Community Commitment page at
www.bancorpsouth.com. "Like" us on Facebook; follow us on
Twitter@MyBXS; or connect with us through LinkedIn.
Forward-Looking Statements
Certain statements contained in this news release may not be
based upon historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). These forward-looking statements may
be identified by their reference to a future period or periods or
by the use of forward-looking terminology such as "anticipate,"
"believe," "could," "continue," "seek," "intend," "estimate,"
"expect," "foresee," "hope," "intend," "may," "might," "plan,"
"should," "predict," "project," "goal," "outlook," "potential,"
"will," "will result," "will likely result," or "would" or future
or conditional verb tenses and variations or negatives of such
terms. These forward-looking statements include, without
limitation, those relating to the timing and closing of the
Reorganization, the benefits that are expected to be realized as a
result of the Reorganization, the means by which shares of Bank
common stock may be repurchased pursuant to the new stock
repurchase program and the factors to be analyzed by management to
determine the timing, number and value of shares of Bank common
stock repurchased pursuant to the new stock repurchase program.
The Company cautions readers not to place undue reliance on the
forward-looking statements contained in this news release, in that
actual results could differ materially from those indicated in such
forward-looking statements as a result of a variety of factors.
These factors may include, but are not limited to, the ability of
the Company and the Bank to complete the Reorganization, the
ability of the Company and the Bank to satisfy the conditions to
the completion of the Reorganization, the ability of the Company
and the Bank to meet expectations regarding the timing, completion
and accounting and tax treatments of the Reorganization, the
possibility that any of the anticipated benefits of the
Reorganization will not be realized or will not be realized as
expected, the lack of availability of the Bank's filings mandated
by the Exchange Act from the publicly available website of the
Securities and Exchange Commission (the "SEC") after the closing of
the Reorganization, limitations on the ability of the Bank to
repurchase shares of its common stock, other factors generally
understood to affect the assets, business, cash flows, financial
condition, liquidity, prospects and/or results of operations of
financial services companies and other factors that were previously
detailed from time to time in the Company's press and news
releases, reports and other filings with the SEC.
Forward-looking statements speak only as of the date that they were
made, and, except as required by law, the Company does not
undertake any obligation to update or revise forward-looking
statements to reflect events or circumstances that occur after the
date of this news release.
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SOURCE BancorpSouth, Inc.