BancorpSouth Bank to Finalize Merger With The Signature Bank of Springfield, Missouri
June 29 2007 - 5:48PM
PR Newswire (US)
Previous merger with Signature Bank's parent company, City Bancorp,
Completed on March 1, 2007, Moved BancorpSouth into Springfield and
St. Louis, Missouri Markets TUPELO, Miss., June 29
/PRNewswire-FirstCall/ -- BancorpSouth, Inc. (NYSE:BXS) announced
today from that the company's two subsidiary banks, BancorpSouth
Bank and The Signature Bank, will merge under the BancorpSouth Bank
name and charter. The merger, to be effective July 1, 2007, follows
the previous merger of the respective parent holding companies,
BancorpSouth, Inc. and City Bancorp, which was effective on March
1, 2007. In Missouri, The Signature Bank operates six banking
locations in Springfield and one loan production office in Clayton,
located in the St. Louis metropolitan area. In addition, a new
office is under construction in O'Fallon, also located in the St.
Louis metro area. Following the merger, the Springfield locations
will operate as BancorpSouth bank offices. The Clayton and O'Fallon
offices will commence operations as full-service banking locations
of BancorpSouth Bank on or about August 1, 2007. The Signature Bank
had approximately $953 million in assets and $614 million in
deposits as of March 31, 2007. BancorpSouth Chairman and CEO Aubrey
B. Patterson said, "The merger integration process with The
Signature Bank has proceeded as planned, in an orderly and seamless
manner, while continuing to grow market share. We look forward to
providing our Springfield and St. Louis customers with our unique
BancorpSouth brand of local decision-making, supported by
state-of-the- industry services, technology and resources." The
Signature Bank Chairman and CEO David Kunze said, "Since the
completion of the holding company merger in March, we have looked
forward to the merger of our respective bank subsidiaries. As we
move forward with the final integration phase, we believe our
communities and customers will benefit from the resources,
expertise and community bank approach that BancorpSouth Bank
offers." Effective with the merger's completion, Kunze will become
BancorpSouth's Missouri regional president and Robert Fulp, current
president of The Signature Bank, will become BancorpSouth's
Springfield president. The Springfield Metropolitan Statistical
Area is the third largest in Missouri, with a population of
approximately 400,000. The St. Louis Metropolitan Statistical Area
is the largest in Missouri and is comprised of 17 counties in
Missouri and Illinois, with a population of approximately 2.8
million. Headquartered in Tupelo, Mississippi, BancorpSouth, Inc.,
is a $13.0 billion financial holding company that operates
approximately 290 commercial banking, mortgage, insurance, trust
and broker dealer locations in Alabama, Arkansas, Florida,
Louisiana, Mississippi, Missouri, Tennessee and Texas with
approximately 4,000 employees. BancorpSouth and its subsidiaries
provide, in addition to traditional banking services, mortgage
origination and servicing, student loans, leasing, credit card,
trust and fiduciary services, brokerage, investment and insurance
services. RIDER 1 Forward-Looking Statements: Certain statements
contained in the press 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 reference to a
future period(s) or by the use of forward- looking terminology,
such as "anticipate," "believe," "estimate," "expect," "foresee,"
"may," "might," "will," "intend," "could," "would," or "plan," or
future or conditional ver tenses, and variations or negatives of
such terms. These forward-looking statements include, without
limitation, statements relating to the merger of BancorpSouth Bank
and The Signature Bank, the opening of full-service banking
locations in Clayton and O'Fallon, Missouri, benefits for the
communities and customers of The Signature Bank and new positions
for Messrs. Kunze and Fulp. We caution you not to place undue
reliance on the forward-looking statements contained in this press
release, in that actual results could differ materially from those
indicated in such forward-looking statements as a result of a
variety of factors. These factors include, but are not limited to,
the ability of BancorpSouth Bank to successfully integrate The
Signature Bank after the merger, the ability of BancorpSouth to
attract, train and retain qualified personnel, the ability of
BancorpSouth to provide and market competitive services and
products, the ability of BancorpSouth to expand geographically and
enter fast-growing markets, changes in consumer preferences,
changes in BancorpSouth's operating strategy, changes in economic
conditions and government fiscal and monetary policies, changes in
laws and regulations affecting financial institutions, the ability
of BancorpSouth to manage its growth and effectively serve an
expanding customer and market base, the geographic concentrations
of BancorpSouth's assets, the ability of BancorpSouth to compete
with other financial services companies, possible adverse rulings,
judgments, settlements and other outcomes of pending of threatened
litigation or tax assessments, other factors generally understood
to affect the financial condition or results or financial services
companies and other factors detailed from time to time in
BancorpSouth's press releases and 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 of this press release. DATASOURCE:
BancorpSouth, Inc. CONTACT: Financial, Nash Allen or Gary Bonds,
+1-662-680-2331, both of BancorpSouth, Inc., or David Kunze or
Robert Fulp, +1-417-890-2115, both of The Signature Bank; or, for
Media, Randy Burchfield or Chuck McIntosh, +1-662-620-4305, both of
BancorpSouth, Inc., or David Kunze or Robert Fulp, +1-417-887-2265,
both of The Signature Bank Web site: http://www.bancorpsouth.com/
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