BancorpSouth

Last updated
Cadence Bank
Type Public company
Industry Banking
Founded1876;146 years ago (1876)
Headquarters
Tupelo, Mississippi
,
U.S.
Area served
United States (Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Illinois)
Key people
RevenueIncrease2.svg US$0.775 billion (2019)
Increase2.svg US$0.234 billion (2019)
Total assets Increase2.svg US$48 billion (2021)
Total equity Increase2.svg US$2.685 billion (2019)
Number of employees
4,693 (2019)
Website cadencebank.com
Footnotes /references
[1]
BancorpSouth branch footprint. Bancorp South footprint 2010-08.png
BancorpSouth branch footprint.

Cadence Bank is a commercial bank headquartered in Tupelo, Mississippi with operations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Illinois. In 1876, Raymond Trice and Company received a charter to create a bank in its hardware store in Verona, Mississippi. In 1886, the banking operation was moved to Tupelo, Mississippi and the company was renamed to Bank of Lee County, Mississippi. Soon after, it was renamed to the Bank of Tupelo. The bank was renamed to Bank of Mississippi in 1966. In 1997, the bank changed its name to BancorpSouth. [2] In October, 2021, the bank changed its name to Cadence Bank.

Contents

History

In 1987, the bank acquired First Mississippi National Bank.

In 1992, the bank acquired Volunteer Bank of Jackson.

In 1998, the bank acquired Alabama Bancorp. [3]

In April 2000, the bank acquired First United Bancshares of El Dorado, Arkansas. First United Bancshares was acquired for $455 million in a tax-free exchange of stock where BancorpSouth will give 1.125 shares of its common stock for each share of First United Bancshares stock. [4]

In 2002, the bank acquired Pinnacle Bancshares. [5]

In 2004, the bank acquired Business Bank of Baton Rouge, Louisiana, and Premier Bank of Brentwood, Tennessee. [6]

In 2005, the bank acquired American State Bank of Jonesboro, Arkansas. [7]

In October 2006, the bank acquired City Bancorp of Springfield, Missouri for $170 million with half consisting of BancorpSouth stock and the remainder in cash. [8]

In January 2014, the bank acquired Ouachita Bancshares Corp. of Monroe, Louisiana and Central Community Corporation of Temple, Texas. Ouachita Bancshares Corp. was purchased for 3,675,000 shares of BancorpSouth's common stock plus $22.875 million in cash. Central Community Corporation was purchased for 7,250,000 shares of BancorpSouth's common stock plus $28.5 million in cash. After nearly four years and multiple extension of completion dates, the bank received the necessary approvals in late 2017 to close the transactions. Both mergers were completed effective January 15, 2018. [9]

In July 2017, the bank reorganized to eliminate redundant corporate infrastructure and activities. BancorpSouth, Inc. was merged with and into its wholly owned bank subsidiary, BancorpSouth Bank. The reorganization left BancorpSouth Bank as the surviving entity. This left BancorpSouth Bank being regulated by the Federal Deposit Insurance Corporation and the Mississippi Department of Banking and Consumer Finance. Before the reorganization, BancorpSouth, Inc. was regulated by the Federal Reserve as a bank holding company. [10]

In April 2018, the bank acquired Icon Capital Corporation and its wholly owned subsidiary Icon Bank of Texas, National Association of Houston, Texas for 4,125,000 shares of BancorpSouth's common stock plus $17.5 million in cash. [11] The merger was completed on October 1, 2018, and folds in seven open full-service banking offices as well as two not-yet-opened full-service banking offices into BancorpSouth's footprint. [12]

In November 2018, the bank acquired Casey Bancorp, Inc. of Grand Prairie, Texas and its wholly owned subsidiary, Grand Bank of Texas. Also, the bank acquired Merchants Trust, Inc. of Jackson, Alabama and its wholly owned subsidiary, Merchants Bank. Casey Bancorp, Inc. was purchased for 1,275,000 shares of BancorpSouth's common stock plus $11.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $51.750 million to $56.750 million. Merchants Trust, Inc. was purchased for 950,000 shares of BancorpSouth's common stock plus $8.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $37.500 million to $43.000 million. [13] [14] Both mergers were completed effective April 1, 2019. [15]

In March 2019, the bank acquired Van Alstyne Financial Corporation of Van Alstyne, Texas and its wholly owned subsidiary, Texas Star Bank. Also, the bank acquired Summit Financial Enterprises, Inc. of Panama City, Florida and its wholly owned subsidiary Summit Bank, National Association. Van Alstyne Financial Corporation was purchased for 2,100,000 shares of BancorpSouth's common stock plus $20.500 million in cash with the agreement providing a collar with respect to the total deal value ranging from $80.000 million to $86.700 million. Summit Financial Enterprises, Inc. was purchased for 2,500,000 shares of BancorpSouth's common stock plus $20.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $95.000 million to $107.500 million. [16] [17] Both mergers were completed effective September 1, 2019. [18]

In September 2019, the bank acquired Texas First Bancshares, Inc. of Waco, Texas and its wholly owned subsidiary, Texas First State Bank for 1,065,000 shares of BancorpSouth's common stock plus $13.0 million in cash. The terms of the merger agreement provide for a collar with respect to the total deal value ranging from $38.8 million to $46.5 million. [19] The merger was completed on January 1, 2020. [20]

In April 2021, BancorpSouth Bank entered into a merger agreement with Cadence Bancorporation; the merged entity will use the Cadence Bank name. [21] The merger was completed on October 29, 2021.

Insurance Acquisitions

In April 1999, the bank acquired Stewart, Sneed, Hewes Group of Gulfport, Mississippi. [22]

In April 2003, the bank acquired WMS, LLC of Baton Rouge, Louisiana, which operated under the name of Wright & Percy Insurance. Also, in July of the same year, the bank acquired Ramsey, Krug, Farrell and Lensing, Inc. of Little Rock, Arkansas. [23] [24]

In February 2008, the bank acquired JMG/IC Insurance Agency, Inc. of Nacogdoches, Texas. [25]

In June 2012, the bank acquired The Securance Group, Inc. of Brewton, Alabama. [26]

In December 2013, the bank acquired GEM Insurance Agencies of Houston, Texas. [27]

In April 2014, the bank acquired Knox Insurance Group, LLC of Lafayette, Louisiana. [28]

In December 2016, the bank acquired Waguespack & Associates Insurance, Inc. of Gonzales, Louisiana. [29]

Services offered

BancorpSouth offers checking and savings accounts, loans, credit cards, wealth management, insurance, and financial advice. [30] It also offers conforming, FHA, Jumbo, VA, and USDA mortgages as well as HELOCs. [31] [32] For businesses, it offers small business banking and treasury management services. [33]

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References

  1. ↑ "BancorpSouth Bank 2019 Form 10-K Annual Report" (PDF). Federal Deposit Insurance Corporation.
  2. ↑ McKenzie, Danny (December 5, 1998). "Bank of Mississippi becomes BancorpSouth Bank". Northeast Mississippi Daily Journal .{{cite news}}: CS1 maint: url-status (link)
  3. ↑ Cummins, John (June 23, 1998). "BancorpSouth to acquire Alabama Bancorp". Northeast Mississippi Daily Journal .
  4. ↑ "Merger Will Make BancorpSouth State's Biggest". Northeast Mississippi Daily Journal . April 18, 2000.
  5. ↑ "BancorpSouth acquires Pinnacle". American City Business Journals . March 1, 2002.
  6. ↑ "BancorpSouth to acquire Brentwood, Baton Rouge banks". American City Business Journals . September 17, 2004.
  7. ↑ "BancorpSouth expands in Arkansas with purchase of American State Bank". American City Business Journals . September 17, 2004.
  8. ↑ "BancorpSouth announces merger with Missouri bank". American City Business Journals . October 31, 2006.
  9. ↑ "BancorpSouth's (BXS) Ouachita & Central Community Deals OK'dk". Nasdaq . December 28, 2017.
  10. ↑ "BancorpSouth, Inc. Announces Corporate Entity Restructuring". PR Newswire . July 27, 2017.
  11. ↑ "BancorpSouth Bank To Acquire Icon Capital Corporation In Houston, Texas". PR Newswire . April 18, 2018.
  12. ↑ "BancorpSouth Completes Merger with Icon Capital Corporation". PR Newswire . October 1, 2018.
  13. ↑ "BancorpSouth Bank to Acquire Casey Bancorp, Inc. Dallas, Texas". PR Newswire . November 13, 2018.
  14. ↑ "BancorpSouth Bank to Acquire Merchants Trust, Inc., Jackson, Alabama". PR Newswire . November 13, 2018.
  15. ↑ "BancorpSouth Completes Mergers in Texas and Alabama". PR Newswire . April 1, 2019.
  16. ↑ "BancorpSouth Bank to Acquire Van Alstyne Financial Corporation, Van Alstyne, Texas". PR Newswire . March 5, 2019.
  17. ↑ "BancorpSouth Bank to Acquire Summit Financial Enterprises, Inc., Panama City, Florida". PR Newswire . March 5, 2019.
  18. ↑ "BancorpSouth Completes Mergers with Summit Financial Enterprises, Inc. and Van Alstyne Financial Corporation". PR Newswire . September 3, 2019.
  19. ↑ "BancorpSouth Bank to Acquire Texas First Bancshares, Inc". PR Newswire . September 23, 2019.
  20. ↑ "BancorpSouth Completes Merger with Texas First Bancshares, Inc". PR Newswire . January 2, 2020.
  21. ↑ "BancorpSouth Bank and Cadence Bancorporation to combine in transformational merger". Cadence Bank. Retrieved August 6, 2021.
  22. ↑ "BancorpSouth Merging with Stewart Sneed Hewes". American City Business Journals . April 26, 1999.
  23. ↑ "BancorpSouth to acquire fourth insurance firm". American City Business Journals . July 14, 2003.
  24. ↑ "BancorpSouth completes acquisition". American City Business Journals . May 16, 2003.
  25. ↑ "BancorpSouth Insurance to buy JMG/IC Insurance of Texas". February 4, 2008.
  26. ↑ "BancorpSouth Insurance Services, Inc. to Acquire the Securance Group, Inc". PR Newswire . June 25, 2012.
  27. ↑ "BancorpSouth Insurance acquired Texas Company". Northeast Mississippi Daily Journal . December 19, 2013.
  28. ↑ "BancorpSouth Insurance Services, Inc. to acquire assets of Lafayette, Louisiana based Knox Insurance Group, LLC". PR Newswire . April 9, 2014.
  29. ↑ "BancorpSouth Insurance Services acquires certain assets of Waguespack & Associates Insurance in Gonzales". The Advocate . December 19, 2016.
  30. ↑ "BancorpSouth". bancorpsouth.com. Retrieved 19 December 2020.
  31. ↑ "BancorpSouth, Mortgage" . Retrieved 19 December 2020.
  32. ↑ "BancorpSouth Mortgage Services and Reviews". mortgagewaldo.com. Retrieved 19 December 2020.
  33. ↑ "BankcorpSouth, Business". bankcorpsouth.com. Retrieved 19 December 2020.
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