BancorpSouth Expands in Alabama and Texas
May 12 2006 - 1:43PM
PR Newswire (US)
Opens Loan Production Offices in Huntsville, Alabama and Tyler,
Texas TUPELO, Miss., May 12 /PRNewswire-FirstCall/ -- BancorpSouth,
Inc. (NYSE:BXS) today announced its continued expansion in
attractive growth markets in Alabama and Texas, though the opening
of loan production offices in Huntsville, Alabama, and Tyler,
Texas. The offices will focus on commercial lending, real estate
construction and residential mortgage lending. Consistent with
BancorpSouth's development strategy, the Company expects to seek
regulatory approval to provide full-service banking operations at
the appropriate time, including a comprehensive array of integrated
retail and commercial financial products and services. Aubrey B.
Patterson, BancorpSouth Chairman and Chief Executive Officer,
remarked, "Today's announcement reflects a continuation of one of
BancorpSouth's central long-term growth strategies, that of
expanding our market share within our six-state mid-south franchise
by entering new markets with attractive growth dynamics. A key
aspect of this strategy is to enter these markets with experienced
management who understand and embrace our style of community bank
customer service, backed by sophisticated financial product and
service capabilities. We are confident we have achieved this goal
in Huntsville and Tyler, and we will continue to evaluate
additional plans for future expansion in attractive markets within
or contiguous to our current six-state footprint." Byrd Williams,
President of our Alabama Region, added, "Huntsville is one of the
most attractive markets among Alabama's 11 medium to large
metropolitan areas, with a highly educated workforce, outstanding
job growth in the private sector, which is complemented by planned
increases in personnel at the Redstone Arsenal, and low
unemployment. In 2005, Forbes ranked Huntsville sixth in its survey
of the best American cities for business and careers, and Inc.
reported that Huntsville had the highest number of high growth
companies per capita of any city in the country. We are pleased to
report that Shane Parker has joined BancorpSouth as President of
the Huntsville office. Shane is a highly respected banker in this
area and brings seven years of banking experience to BancorpSouth."
Gordon Lewis, President of BancorpSouth's Texas and Louisiana
Division, commented, "Our new Tyler loan production office
represents our 17th location in east Texas. With Tyler only 90
miles east of Dallas, the office also marks the western edge of
BancorpSouth's expansion to date. As with other east Texas cities
in which we operate full-service banking offices, such as Longview,
Texarkana and Nacogdoches, Tyler is a growing community, which has
a diversified economy including a mix of manufacturing, healthcare,
educational, retail and agriculture businesses. Also similar to our
entry in other Texas markets, we have brought in Mike Henderson as
Senior Vice President and Manager for the Tyler office who brings
in-depth banking experience and proven management capabilities to
BancorpSouth. Mike has done a great job for us in Nacogdoches and
we feel he will be a real asset to our efforts in Tyler."
Forward-Looking Statements Certain statements contained in this
news release may not be based on historical facts and are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements may be identified by their reference to a future period
or periods or by the use of forward-looking terminology such as
"anticipate," "believe," "estimate," "expect," "may," "might,"
"will," "would," "could" or "intend." These forward-looking
statements may include, without limitation, statements relating to
the contribution of our new loan production offices to expanding
our loan markets, the magnitude of loan-related losses in the area
impacted by Hurricane Katrina, the aggregate impact of Hurricane
Katrina on our financial condition and results of operation, the
impact of a rising interest rate environment on our mortgage
business, purchases under our common stock repurchase plan, our
involvement in rebuilding and renewing the Gulf Coast and the
reconciliation of GAAP and non-GAAP results. We caution you not to
place undue reliance on the forward-looking statements contained in
this news release in that actual results could differ materially
from those indicated in such forward-looking statements due to a
variety of factors. These factors may include, but are not limited
to, the rate of economic recovery in the region affected by
Hurricane Katrina, changes in economic conditions and government
fiscal and monetary policies, fluctuations in prevailing interest
rates and the ability of BancorpSouth to manage its assets and
liabilities to limit exposure to changing interest rates, the
ability of BancorpSouth to increase noninterest revenue and expand
noninterest revenue business, the ability of BancorpSouth to
continue to fund growth with lower cost demand deposits rather than
higher cost liabilities, the ability of BancorpSouth to maintain
credit quality, changes in laws and regulations affecting financial
service companies in general, possible adverse rulings, judgments,
settlements and other outcomes of pending litigation, the ability
of BancorpSouth to compete with other financial services companies,
the ability of BancorpSouth to provide and market competitive
services and products, changes in BancorpSouth's operating or
expansion strategy, the ability of BancorpSouth to diversify
revenue, geographic concentration of BancorpSouth's assets,
availability of and costs associated with obtaining adequate and
timely sources of liquidity, the ability of BancorpSouth to manage
its growth and effectively serve an expanding customer and market
base, the ability of BancorpSouth to achieve profitable growth and
increase shareholder value, the ability of BancorpSouth to attract,
train and retain qualified personnel, the ability of BancorpSouth
to repurchase its common stock on favorable terms, the ability of
BancorpSouth to leverage opportunities, the ability of BancorpSouth
to identify, close and effectively integrate potential
acquisitions, the ability of BancorpSouth to expand geographically
and enter fast-growing markets, changes in consumer preferences,
other factors generally understood to affect the financial results
of financial services companies, and other factors described from
time to time in BancorpSouth's filings with the Securities and
Exchange Commission. We undertake no obligation to update these
forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.
BancorpSouth, Inc. is a financial holding company headquartered in
Tupelo, Mississippi with approximately $11.8 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates approximately 270 commercial banking, insurance, trust and
broker/dealer locations in Alabama, Arkansas, Louisiana,
Mississippi, Tennessee and Texas. DATASOURCE: BancorpSouth, Inc.
CONTACT: L. Nash Allen, Jr., Treasurer and Chief Financial Officer,
+1-662-680-2330, or Gary C. Bonds, Senior Vice President and
Controller, +1-662-680-2332, both of BancorpSouth, Inc. Web site:
http://www.bancorpsouth.com/
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