BancorpSouth Receives Regulatory Approval of its Mergers with National United Bancshares, Inc. and FNS Bancshares, Inc.

Rhea-AI Summary

BancorpSouth Bank (NYSE: BXS) has received regulatory approval from the FDIC for its mergers with National United Bancshares and FNS Bancshares, which are set to close on May 1, 2021. As of December 31, 2021, National United and FNS reported combined total assets of $1.5 billion and total loans of $930 million. BancorpSouth's Chairman, Dan Rollins, expressed enthusiasm for integrating these institutions, which share similar cultural values. The merger aims to enhance customer service and bring additional opportunities for employees and customers alike.

Positive

• Regulatory approval received for mergers with National United and FNS, enhancing market presence.
• Combined assets of $1.5 billion and loans of $930 million from merged entities bolster financial stability.
• Strategic integration promotes cultural alignment and shared commitment to customer service.

Negative

• None.

TUPELO, Miss., April 7, 2021 /PRNewswire/ -- BancorpSouth Bank (NYSE: BXS) ("BancorpSouth") announced it has received regulatory approval from the Federal Deposit Insurance Corporation to complete its proposed mergers with National United Bancshares, Inc., the parent company of National United, (collectively referred to as "National United"), and with FNS Bancshares, Inc. (OTCQX: FNSB), the parent company of FNB Bank, (collectively referred to as "FNS").

The mergers are currently anticipated to close on May 1, 2021, subject to the satisfaction of customary closing conditions. As of December 31, 2021, National United and FNS collectively reported total assets of $1.5 billion, total loans of $930 million and total deposits of $1.4 billion.

"We're pleased to receive regulatory approval for our mergers with National United and FNS," said BancorpSouth Chairman and CEO Dan Rollins. "Both companies are trusted financial institutions that have been serving their respective communities for more than 100 years and have cultures and missions similar to ours. I am looking forward to welcoming their teammates and customers to the BancorpSouth family."

National United President and CEO Eugene Worthington added, "We couldn't be more excited to receive regulatory approval. BancorpSouth shares our commitment to providing first-class customer service and making a difference in the community." 

FNS Board Chairman Alan Gay said, "We are proud to join forces with BancorpSouth. We're confident this merger will bring opportunities and benefits to our employees and customers."

Upon completion of the transaction, Worthington will serve as BancorpSouth's Area Chairman, and FNS CEO Steve Rownd will serve as a BancorpSouth division president.

About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $24 billion in assets.  BancorpSouth operates approximately 305 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.

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SOURCE BancorpSouth Bank

FAQ

What is the significance of BancorpSouth's merger with National United and FNS?

The merger is expected to enhance BancorpSouth's market presence and financial strength through combined assets and resources.

When will the mergers with National United and FNS close?

The mergers are anticipated to close on May 1, 2021, pending customary closing conditions.

What are the total assets of National United and FNS combined?

As of December 31, 2021, the combined total assets of National United and FNS are reported to be $1.5 billion.

Who will lead the merged institutions after the merger?

National United's President, Eugene Worthington, will become Area Chairman, and FNS CEO, Steve Rownd, will serve as a division president at BancorpSouth.