-
BancorpSouth (BXS) in Tupelo, Miss., is making to most out of its return to bank acquisitions.
January 22 -
BancorpSouth (BXS) in Tupelo, Miss., has agreed to buy Ouachita Bancshares in Monroe, La.
January 9 -
Deposits and assets have fallen, and some customers and employees have fled, while Hudson City in Paramus, N.J., has been stuck in an M&A limbo. But the situation might save buyer M&T Bank some headaches later if it can just close the deal.
June 2
BancorpSouth has delayed the closing of two bank acquisitions after regulators took issue with the Tupelo, Miss., company's compliance programs.
The $13 billion-asset company said in a press release late Monday that it has pushed back the deadlines for its purchases of
BancorpSouth disclosed that federal bank regulators have identified concerns about the company's procedures, systems and processes tied to its Bank Secrecy Act and anti-money-laundering programs. In addition, the Consumer Financial Protection Bureau is conducting a review of the company's fair lending practices.
"We continue to believe our proposed mergers are in the best interest of our shareholders, customers and communities," Dan Rollins, BancorpSouth's chairman and chief executive, said in the release. "While disappointed in the delay we are working diligently to resolve the compliance concerns that have been identified and to make the necessary improvements."
BancorpSouth is the latest acquirer to get snagged on regulatory compliance. M&T Bank is
Separately, BancorpSouth announced that its second-quarter earnings rose 49% from a year earlier, to $30.9 million. Net interest income rose 5%, to $103 million, while noninterest income fell 8%, to $69.8 million. Noninterest expenses fell 10%, to $128 million.
