TUPELO, Miss., Dec. 11, 2014 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) announced today its Board of Directors has
authorized a stock repurchase program through November 30, 2016 to purchase up to an aggregate
of 6% or 5,764,000 shares of BancorpSouth's outstanding
common stock, par value $2.50 per
share. BancorpSouth has approximately $13.1 billion in total assets with equity capital
in excess of $1.6 billion as of
September 30, 2014.
Dan Rollins, BancorpSouth
Chairman and Chief Executive Officer, in announcing the stock
repurchase program, said, "We believe repurchasing our shares
demonstrates our continued confidence in our ability to generate
long-term growth and profitability. This authorization
reflects our commitment to strategically managing capital levels
and delivering value to our shareholders."
The shares may be purchased periodically in open market
transactions at prevailing market prices, in privately negotiated
transactions, or by other means in accordance with federal
securities laws. The actual timing, number and value of
shares repurchased under the program will be determined by
management at its discretion and will depend on a number of
factors, including the market price of BancorpSouth's stock,
general market and economic conditions, and applicable legal and
regulatory requirements. Repurchased shares will become
treasury shares and may be reissued in connection with
BancorpSouth's stock option plans, other compensation programs,
other transactions or for other corporate purposes as deemed
necessary.
About BancorpSouth, Inc.
BancorpSouth, Inc. is a financial holding company headquartered
in Tupelo, Mississippi, with
$13.1 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates approximately 300 commercial banking, mortgage, and
insurance locations in Alabama,
Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois.
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, without limitation, those
relating to the long-term growth potential and profitability of
BancorpSouth, Inc., the means by which shares of common stock may
be repurchased pursuant to the stock repurchase program, the
factors to be analyzed by management to determine the timing,
number and value of shares of common stock repurchased pursuant to
the stock repurchase program and the future uses of repurchased
shares of common stock.
The Company 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
the Company to resolve to the satisfaction of its federal bank
regulators those identified concerns regarding the Company's
procedures, systems and processes related to certain of its
compliance programs, including its Bank Secrecy Act and anti-money
laundering programs, the Company's ability to comply with the
consent order issued by the FDIC and the Mississippi Department of
Banking and Consumer Finance, the findings and results of the
Consumer Financial Protection Bureau in its review of the Company's
fair lending practices, the ability of the Company, Ouachita
Bancshares Corp. and Central Community Corporation to obtain
regulatory approval of and close the proposed mergers, the
potential impact upon the Company of the delay in the closings of
these proposed mergers, the impact of any ongoing, pending or
threatened litigation, administrative and investigatory matters
involving the Company, conditions in the financial markets and
economic conditions generally, the adequacy of the Company's
provision and allowance for credit losses to cover actual credit
losses, the credit risk associated with real estate construction,
acquisition and development loans, losses resulting from the
significant amount of the Company's OREO, limitations on the
Company's ability to declare and pay dividends, the availability of
capital on favorable terms if and when needed, liquidity risk,
governmental regulation, including the Dodd-Frank Act, and
supervision of the Company's operations, the short-term and
long-term impact of changes to banking capital standards on the
Company's regulatory capital and liquidity, the impact of
regulations on service charges on the Company's core deposit
accounts, the susceptibility of the Company's business to local
economic and environmental conditions, the soundness of other
financial institutions, changes in interest rates, the impact of
monetary policies and economic factors on the Company's ability to
attract deposits or make loans, volatility in capital and credit
markets, reputational risk, the impact of the loss of any key
Company personnel, the impact of hurricanes or other adverse
weather events, any requirement that the Company write down
goodwill or other intangible assets, diversification in the types
of financial services the Company offers, the Company's ability to
adapt its products and services to evolving industry standards and
consumer preferences, competition with other financial services
companies, risks in connection with completed or potential
acquisitions, the Company's growth strategy, interruptions or
breaches in the Company's information system security, the failure
of certain third-party vendors to perform, unfavorable ratings by
rating agencies, dilution caused by the Company's issuance of any
additional shares of its common stock to raise capital or acquire
other banks, bank holding companies, financial holding companies
and insurance agencies, 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
the Company's press and news releases, reports and other filings
with the SEC. Forward-looking statements speak only as of the
date that they were made, and, except as required by law, the
Company 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bancorpsouth-announces-stock-repurchase-program-300008820.html
SOURCE BancorpSouth, Inc.