Community banking

BancorpSouth to Buy Alabama Insurance Company

By Jackie Stewart June 25, 2012, 5:30 p.m. EDT 1 Min Read

Community banking

Niche Business: Ranking Banks by Insurance Sales

In an industry in need of new sources of revenue, some banks have built insurance brokerage operations that account for 40% or more of their total noninterest income. Most banks have not followed, however, and the business remains a minor sideline nationally.

By Harry Terris

January 1

The insurance unit of BancorpSouth (BXS) has agreed to buy the assets of Securance Group, an insurance agency in Brewton, Ala.

The $13.3 billion-asset BancorpSouth has grown its insurance business over the last decade through a string of acquisitions. In 2011, insurance commission revenue accounted for roughly 38% of total revenue and nearly a third of noninterest revenue, Aubrey Patterson, BancorpSouth chief executive and chairman, said in a news release.

BancorpSouth Insurance Services has offices in eight states, including Alabama, Arkansas, Tennessee, Missouri and Illinois.

The financial terms of the deal, which is expected to close in early July, were not disclosed, the Tupelo, Miss., company said Monday.

Executive Editor, American Banker Magazine

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Community banking

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