BancorpSouth Subsidiary BXS Community Fund, LLC Awarded $50 Million New Markets Tax Credit Allocation

Rhea-AI Summary

BancorpSouth Bank (NYSE: BXS) announced that its subsidiary, BXS Community Fund, has received a $50 million allocation under the New Markets Tax Credit program. This allocation, awarded by the U.S. Department of Treasury's CDFI Fund, is aimed at promoting investments in low-income urban and rural communities. BXS Community Fund was selected from among 208 applicants nationwide. The funds will support manufacturing, healthcare provisions in underserved areas, and grocery access, focusing on highly distressed communities.

Positive

• Award of $50 million under New Markets Tax Credit will facilitate economic growth.
• Funding will support high-impact projects in manufacturing, healthcare, and food access.

Negative

• None.

TUPELO, Miss., Sept. 14, 2021 /PRNewswire/ -- BancorpSouth Bank (NYSE: BXS) is pleased to announce that its subsidiary BXS Community Fund, LLC, which is a Community Development Entity ("CDE"), has been awarded a $50 million New Markets Tax Credit (NMTC) allocation that will spur investments and economic growth in low-income urban and rural communities.

BXS Community Fund is one of 100 CDEs, selected from a pool of 208 nationwide applicants, to receive a tax credit allocation, administered by the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).

"We're pleased to receive this award to assist with our efforts to increase investments in disadvantaged businesses and communities while providing highly accessible jobs, health care and access to fresh foods," said BancorpSouth President and COO Chris Bagley.

The NMTC allocation will be used to provide capital to high-impact projects throughout the Southeast, focusing on the following areas:

1. Manufacturing/industrial businesses that create quality and accessible jobs;
2. Providing healthcare to underserved communities; and
3. Groceries that increase access to healthy foods.

All projects will be located in highly distressed, low-income communities as defined by the CDFI Fund. To learn more about BXS Community Fund, please contact BancorpSouth Tax Credit Manager Will Shurtleff at 601-607-4597 or will.shurtleff@bxs.com.

About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $28 billion in assets.  BancorpSouth operates approximately 315 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.

View original content:https://www.prnewswire.com/news-releases/bancorpsouth-subsidiary-bxs-community-fund-llc-awarded-50-million-new-markets-tax-credit-allocation-301376713.html

SOURCE BancorpSouth Bank

FAQ

What is the significance of the $50 million tax credit awarded to BXS?

The $50 million tax credit will enhance investments in low-income communities, promoting economic growth.

How many applicants were there for the New Markets Tax Credit allocation?

BXS Community Fund was selected from a total of 208 applicants.

Which areas will benefit from the tax credit allocation?

The allocation will focus on manufacturing, healthcare, and grocery access in distressed communities.

Who administers the New Markets Tax Credit program?

The program is administered by the U.S. Department of the Treasury's Community Development Financial Institutions Fund.

What does BXS Community Fund aim to achieve with the tax credit?

BXS Community Fund aims to increase investments in disadvantaged businesses and communities.