TUPELO, Miss., June 22, 2021 /PRNewswire/ -- BancorpSouth
Bank (NYSE: BXS) ("BancorpSouth") and Liberty Financial Services,
Inc., the holding company of Liberty
Bank and Trust Company, headquartered in New Orleans, Louisiana, ("Liberty") jointly
announced the continuation of and the expansion of a strategic
business alliance.
BancorpSouth will continue to provide certain advisory services
to Liberty through this strategic mentor-bank relationship. Such
services include, but are not limited to, advice on information
technology management; strategies for the design, development and
implementation of new banking products and services;
recommendations for talent recruitment, associate training and
development; and guidance on loan originations.
This cooperative alliance provided growth capital to Liberty,
strengthening its ability to make commercial loans and deliver
other banking and financial solutions to businesses, individuals
and families in minority and underserved communities. BancorpSouth
Bank has renewed and extended its $8.5
million investment in Liberty in the form of non-cumulative
perpetual preferred stock initially issued in 2016.
"We are excited about our expanding relationship with Liberty,"
said Dan Rollins, BancorpSouth
Chairman and Chief Executive Officer. "Liberty is consistently one
of the top-performing African American owned financial institutions
in the country. This renewed commitment reflects our continued
focus on supporting the revitalization of underserved communities
in the markets we serve and neighboring markets. It's a privilege
to continue our work with Alden
McDonald and his team, knowing that collectively we can make
a stronger impact."
McDonald, President and Chief Executive Officer of Liberty
Financial Services, Inc., added, "BancorpSouth's investment
strengthens our ability to continue to grow and serve our
communities while meeting the specific financial needs of each
individual customer. BancorpSouth shares a common vision with
Liberty to revitalize minority and underserved communities. We are
appreciative of their desire to support the strategic objectives of
our bank."
Liberty Bank and Trust Company is
the largest African American owned financial institution in
the United States and is a
Minority Depository Institution ("MDI"), a Community Development
Entity ("CDE") and a Community Development Financial Institution
("CDFI") which focuses on low-to-moderate wealth communities and
their respective residents. Liberty qualified for participation in
the Community Development Capital Initiative based on its status as
a CDFI.
Liberty's mission is to provide cost-effective delivery of
high-quality, innovative, customer-driven financial products and
services to diverse markets with a focus on disadvantaged minority
communities who have traditionally been underserved by depository
institutions.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS)
is headquartered in Tupelo,
Mississippi, with approximately $27
billion in assets. BancorpSouth operates approximately
325 full-service branch locations as well as additional mortgage,
insurance, and loan production offices in Alabama, Arkansas, Georgia, 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
and Instagram: @MyBXS; or connect with us through
LinkedIn.
About Liberty Financial Services, Inc.
Liberty Bank and Trust Company, headquartered in
New Orleans, Louisiana, was
founded in 1972. Liberty has grown from an initial asset base of
$2 million to approximately
$860 million and is now the largest
African American owned financial institution in the United States. The banking subsidiary of
Liberty Financial Services, Inc., Liberty
Bank and Trust Company, operates in 11 cities across nine
states. During the reporting period ending March 31, 2021, Liberty
Bank and Trust Company had approximately $860 million in total assets. For additional
information, please visit www.libertybank.net.
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SOURCE BancorpSouth Bank