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Dan Rollins' ability to have a BSA-related consent order removed and get two acquisitions back on track could embolden more big community banks to pursue deals next year.
December 23 -
BancorpSouth (BXS) in Tupelo, Miss., has agreed to buy Ouachita Bancshares in Monroe, La.
January 9 -
BancorpSouth (BXS) in Tupelo, Miss., is making to most out of its return to bank acquisitions.
January 22
BancorpSouth in Tupelo, Miss., has again extended the deadline to complete its acquisitions of Central Community in Temple, Texas, and Ouachita Bancshares in Monroe, La.
Additionally, the $13.6 billion-asset BancorpSouth has agreed to cancel either deal if its stock dips below a certain price, and it increased the size of the termination fee it would pay Central if that deal collapses.
Both deals are expected to close by Dec. 31, BancorpSouth said in a
The postponements mark the second time that BancorpSouth has delayed the closing of its purchases of the $1.4 billion-asset Central and the $654 million-asset Ouachita. Both deals were announced in January 2014.
Last July BancorpSouth
BancorpSouth later resubmitted the merger applications, and it was
Under the deal modifications announced Wednesday, BancorpSouth will allow Central or Ouachita to terminate its acquisition if BancorpSouth's stock dips below $19.20 per share. BancorpSouth shares were trading at $26.01 per share as of midafternoon Wednesday.
BancorpSouth also increased the termination fee that it would pay Central if the deal falls through to a maximum of $1.25 million; the ceiling had been $750,000.
Also as part of the deadline extensions, BancorpSouth extended its exclusivity agreement with both Central and Ouachita; neither target can shop itself to other potential buyers for the next six months.
Both deals have received the board and shareholder approvals they need but await regulatory OKs.