BancorpSouth in Tupelo, Miss., has been freed from a consent order tied to Bank Secrecy Act and anti-money-laundering compliance.
The $13.3 billion-asset company
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BancorpSouth
The company invested more than $3 million in the third quarter to beef up its staff and processes, moving personnel around until it had roughly 40 people dedicated to BSA compliance. Management said in a conference call in October that it planned to spend $3 million annually to maintain the systems and practices it put in place. Regulators revisited the company in January to review progress before signing off on the termination last week.
The latest filing did not provide an update on its plans to buy Ouachita and Central Community, though Steven Moss, an analyst at Evercore Partners, noted in a report Monday that BancorpSouth refiled its merger applications at the end of February. Moss noted that BancorpSouth still faces investigations from the Consumer Financial Protection Bureau and Justice Department over the company's fair-lending program.