Magazine article American Banker

Intent on Raising Its Profile out of State, Parent Giving Bank of Miss. a New Name

Magazine article American Banker

Intent on Raising Its Profile out of State, Parent Giving Bank of Miss. a New Name

Article excerpt

BancorpSouth of Tupelo, Miss., is saying goodbye to history and hello to a new identity.

After 33 years of operating its flagship as the Bank of Mississippi, BancorpSouth is preparing to adopt a new name in an effort to broaden the company's appeal outside its home state.

BancorpSouth officials would not disclose their chosen name. They are filing for trademark registration, the officials said.

The name change comes as the $4.4 billion-asset company has mergers on its mind. It plans to double in size in the next three years through acquisitions outside Mississippi.

Alabama banks, specifically companies in and around Birmingham and Montgomery, are high on the list for potential deals.

"We're working on a name that will allow us to have a multistate identity," said L. Nash Allen, chief financial officer.

In addition to Alabama, the banking company would like to be in Kentucky and possibly Arkansas, Mr. Allen said. Though most of the acquisitions BancorpSouth hopes to make would be of companies with $100 million to $500 million of assets, Mr. Allen said he is looking at some banks with as much as $1.5 billion of assets.

For five years, BancorpSouth has wrestled with two identities; it has used the Bank of Mississippi name in Mississippi but runs its smaller and younger Tennessee operations as Volunteer Bank. BancorpSouth recently consolidated the charters of the Mississippi and the Tennessee banks. The name of the single-charter subsidiary is BancorpSouth Bank, but the state retail networks continue to market themselves as Bank of Mississippi and Volunteer Bank. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.