77.8 F
Fort Worth
Tuesday, October 20, 2020
Banking Federal inquiries delay Texas, Louisiana BancorpSouth takeovers

Federal inquiries delay Texas, Louisiana BancorpSouth takeovers

Other News

Toobin suspended by the New Yorker, steps away from CNN

By HILLEL ITALIE AP National WriterNEW YORK (AP) — Author-commentator Jeffrey Toobin has been suspended by the New Yorker and is stepping...

Black officers break from unions over Trump endorsements

By CLAUDIA LAUER Associated PressPHILADELPHIA (AP) — Police unions nationwide have largely supported President Donald Trump's reelection, amid mass demonstrations over police...

Justices to weigh Trump census plan to exclude noncitizens

By MARK SHERMAN and JESSICA GRESKO Associated PressWASHINGTON (AP) — The Supreme Court agreed Friday to take up President Donald Trump's policy,...

Gov. Greg Abbott picks Rebeca Huddle for Texas Supreme Court vacancy

By Emma Platoff, The Texas Tribune Oct. 15, 2020 "Gov. Greg Abbott picks Rebeca...
Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

TUPELO, Miss. (AP) — BancorpSouth’s acquisitions of a bank in Louisiana and one in Texas are being delayed because of federal inquiries into BancorpSouth’s practices.

The Tupelo, Mississippi-based bank made the announcement Monday as it released financial results for its second quarter.

BancorpSouth said it’s being delayed in gaining regulatory approvals to acquire Ouachita Bancshares Corp. of Monroe, Louisiana, which owns Ouachita Independent Bank, as well as Central Community Corp. of Temple, Texas, which owns First State Bank of Central Texas.

In a news release, BancorpSouth said federal bank regulators have found problems with its compliance with the Bank Secrecy Act and programs to fight money laundering. BancorpSouth also said the federal Consumer Financial Protection Bureau is reviewing the bank’s fair lending practices.

When the acquisitions were announced earlier this year, BancorpSouth proposed to pay $115 million in stock and cash for Ouachita Bancshares and $210.8 million in stock and cash for Central Community. BancorpSouth said the two banks, whose stockholders have approved the sales, have extended the deadlines for the purchases until June 30, 2015.

“While disappointed in the delay in being able to close these transactions, we are working diligently to resolve the compliance concerns that have been identified and to make the necessary improvements in our compliance programs,” Chairman and CEO Dan Rollins said in a statement. “We are pleased with the confidence that our merger partners have demonstrated through the extension of the merger agreements.”

BancorpSouth said profit for the three months ending on June 30 rose 49 percent from 2013’s second quarter, hitting $30.9 million, or 32 cents per share, compared with $20.8 million, or 22 cents per share in the year-ago quarter.

Analysts polled by FactSet had estimated 33 cents per share, on average. The company hit that mark once merger expenses were screened out.

BancorpSouth continued to benefit from fewer bad loans, setting aside no money for future bad loans for the second quarter in a row, compared to $3 million in 2013’s second quarter. The bank also continued to benefit from lower expenses after an employee buyout it made last year.

The $13 billion bank has offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.

 

Latest News

City of Arlington Announces five finalists for police chief

The City of Arlington has named five finalists in its search for a new police chief in a search that began June...

National Democratic super PAC says it will double its spending to $12 million in battle for the Texas House

By Patrick Svitek, The Texas Tribune Oct. 20, 2020 "National Democratic super PAC says...

Texas joins Trump administration’s lawsuit against Google, arguing the tech company has a monopoly

By Stacy Fernández, The Texas Tribune Oct. 20, 2020 "Texas joins Trump administration's lawsuit...

Fort Worth bar receives TABC sanction

An effort by the Texas Alcoholic Beverage Commission to enforce the state’s COVID-19 health and safety protocols resulted in emergency orders to...

Tarrant County reports 6 COVID deaths on Tuesday

Tarrant County Public Health on Oct. 20 reported six COVID-19 deaths.The deceased include a man from Arlington in his 90s, a man...