TUPELO, Miss., Oct. 14, 2016 /PRNewswire/ -- BancorpSouth, Inc.
(NYSE: BXS) today announced the extension of the merger agreements
with Central Community Corporation and Ouachita Bancshares Corp.
The merger agreements were extended until December 31, 2017, with changes designed to
protect the parties from the risks associated with the prolonged
regulatory approval process that has delayed completion of the
mergers.
"We are pleased to announce the extension of the exclusivity
component of our merger agreements with Ouachita Bancshares Corp.
and Central Community Corporation," stated Dan Rollins, BancorpSouth Chairman and Chief
Executive Officer. "We continue to believe these proposed
transactions are in the best interest of the shareholders and
teammates of all three organizations as well as the communities we
collectively serve."
"While we are disappointed in the length of time it has taken to
complete our merger, we believe this extension further demonstrates
our commitment to completing the proposed transaction with
BancorpSouth," added Clyde White,
Chairman and former Chief Executive Officer of Ouachita Bancshares
Corp.
"We are hopeful that the extension of our merger will provide
adequate time to resolve remaining hurdles necessary to obtain
regulatory approval," stated Donald
Grobowsky, Chairman, President, and Chief Executive Officer
of Central Community Corporation. "We continue to believe a
partnership with BancorpSouth is the best strategic option for our
company moving forward."
As previously announced, the mergers have been unanimously
approved by the boards of directors of all three companies, and by
the shareholders of Central Community Corporation and Ouachita
Bancshares Corp. The transactions remain subject to required
regulatory approvals and the satisfaction of other closing
conditions, although BancorpSouth can provide no assurance that
either merger will close timely or at all.
About BancorpSouth, Inc.
BancorpSouth, Inc. (NYSE: BXS) is a financial holding company
headquartered in Tupelo,
Mississippi, with $14.1
billion in assets. BancorpSouth Bank, a wholly-owned
subsidiary of BancorpSouth, Inc., operates 238 full service branch
locations as well as additional mortgage, insurance, and loan
production offices in Alabama,
Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is committed to a culture of
respect, diversity, and inclusion in both its workplace and
communities. To learn more, visit our Community Commitment page at
www.bancorpsouth.com; "Like" us on Facebook; follow us on
Twitter@MyBXS; or connect with us through LinkedIn.
Forward-Looking Statements
Certain statements contained in this news release may not be
based upon 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,"
"could," "estimate," "expect," "foresee," "hope," "intend," "may,"
"might," "plan," "will," or "would" or future or conditional verb
tenses and variations or negatives of such terms. These
forward-looking statements include those relating to the terms,
timing and closings of the proposed mergers with Ouachita
Bancshares Corp. and Central Community Corporation.
BancorpSouth, Inc. cautions readers 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 as a result of a variety of
factors. These factors may include, but are not limited to, the
ability of BancorpSouth, Inc., Ouachita Bancshares Corp. and
Central Community Corporation to obtain regulatory approval of and
close the proposed mergers, the potential impact upon BancorpSouth,
Inc. of the delay in the closings of these proposed mergers, other
factors generally understood to affect the assets, business, cash
flows, financial condition, liquidity, prospects and/or results of
operations of financial services companies and other factors
detailed from time to time in BancorpSouth, Inc.'s press and news
releases, reports and other filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the date that they were made, and, except as required by law,
BancorpSouth, Inc. does not undertake any obligation to update or
revise forward-looking statements to reflect events or
circumstances that occur after the date of this news release.
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SOURCE BancorpSouth, Inc.