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BancorpSouth Bank (NYSE: BXS) and Cadence Bancorporation (NYSE: CADE) announced a transformative merger valued at over $6 billion. Cadence shareholders will receive 0.70 shares of BXS for each CADE share, along with a special cash dividend of $1.25 per share. The merger aims to create a leading regional bank with dual headquarters in Tupelo, MS, and Houston, TX. The combined entity is set to enhance growth opportunities, tap into attractive markets, and realize significant earnings per share accretion of 17% in 2022, driving shareholder value.
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.
BancorpSouth (NYSE: BXS) will announce its first-quarter 2021 earnings on April 21, 2021, after market close. A live earnings webcast is scheduled for April 22, 2021, at 10:00 a.m. CDT for a conference call with analysts. BancorpSouth, headquartered in Tupelo, Mississippi, has approximately $24 billion in assets and operates about 305 full-service branches across several states including Alabama and Texas. The conference call will also be archived for future listening.
BXS Insurance, a subsidiary of BancorpSouth Bank (NYSE: BXS), has announced leadership changes aimed at enhancing client experience and growth. Chris Boone will lead Commercial and Group Solutions, while Kerry Drake continues as president emeritus of Employee Benefits. Scott Naugle has been appointed president of Consumer Solutions, and Aimee Kilpatrick is now Chief Operating Officer, overseeing multiple operational teams. Steve Allison takes on the role of Chief Sales Officer, and Patrick Moore will lead the Louisiana Region. These changes reflect BXSI's commitment to providing tailored solutions for clients.
BancorpSouth Bank (NYSE: BXS) declared a quarterly cash dividend of $0.19 per share of common stock, payable on April 1, 2021, to shareholders of record by March 15, 2021. Additionally, a dividend of $0.34375 per share of Series A Preferred Stock will be paid on February 22, 2021, to those on record by February 5, 2021. For Q4 2020, net income to common shareholders was $66.4 million or $0.65 per diluted share, with net operating income at $70.8 million or $0.69 per diluted share.
BancorpSouth Bank (BXS) reported strong financial results for 2020, achieving a net income of $218.6 million, or $2.12 per diluted share, despite challenges posed by the COVID-19 pandemic. The bank recorded a provision for credit losses of $86 million and a significant increase in the allowance for credit losses to $244.4 million. Pre-tax pre-provision net revenue reached a record $397.5 million. The bank also saw a growth of 19% in organic deposits and completed a merger with Texas First Bancshares, contributing $396.9 million in assets. Upcoming mergers with National United and FNS Bancshares are expected to add approximately $1.5 billion in assets.
BancorpSouth Bank (NYSE: BXS) has signed a definitive merger agreement to acquire FNS Bancshares, Inc. (OTCQX: FNSB) for approximately $108.4 million. The merger will grant BancorpSouth access to 17 full-service banking offices in Alabama, Georgia, and Tennessee, marking its entry into Georgia. As of September 30, 2020, FNS reported total assets of $786.5 million. The deal includes the issuance of 2,975,000 shares and $18 million in cash. The merger is expected to close in the first half of 2021, subject to regulatory approvals.
BancorpSouth (NYSE: BXS) will report its fourth-quarter 2020 earnings on January 25, 2021, post-market close. A live webcast of the earnings call is scheduled for January 26, 2021, at 10:00 a.m. CST, providing an interactive platform for analysts and listeners. With approximately $24 billion in assets, BancorpSouth operates around 310 branch locations across various states. For more details, visit BancorpSouth Webcast.
BancorpSouth (NYSE: BXS) announced a new share repurchase program, allowing the purchase of up to 6 million shares effective January 4, 2021, and expiring on December 31, 2021. Previously, 3.3 million shares were repurchased from an 8 million total authorization. The pause in repurchases due to the COVID-19 pandemic aimed to preserve capital. The Board stated that future buybacks will depend on market conditions and management discretion. BancorpSouth holds approximately $24 billion in assets and operates 310 branches across several states.
BancorpSouth Bank (NYSE: BXS) has signed a definitive merger agreement to acquire National United Bancshares, Inc. The merger involves BancorpSouth issuing 3.11 million shares and $33.25 million in cash. National United, with total assets of $748.6 million, operates six banking offices in Texas. The merger aims to enhance BancorpSouth's presence in Central Texas and is expected to close in the first half of 2021, pending regulatory and shareholder approvals. This strategic move aligns with BancorpSouth's goal to expand its market footprint and product offerings.
