For Immediate Release
Contact:
Financial Contact: Will Fisackerly 662-680-2475
BancorpSouth Media Contact: Randy Burchfield 662-620-4920
Securance Media Contact: Yank Lovelace 251-809-6702
BancorpSouth Insurance Services, Inc. to Acquire
The Securance Group, Inc.
Planned Acquisition of Alabama Agency Would Increase
BancorpSouth’s Existing Insurance Brokerage Market Presence in
Alabama
Jun 26, 2012 – TUPELO, MISS. – BancorpSouth Insurance Services, Inc., a
subsidiary of BancorpSouth Bank, headquartered in Tupelo, Mississippi,
announced today that it has signed a definitive agreement to acquire the assets of
The Securance Group, Inc., an independent property and casualty and life and
health insurance agency headquartered in Brewton, Alabama. The transaction is
expected to close on July 2n d. Financial terms of the pending transaction were not
disclosed.
BancorpSouth Chairman and CEO Aubrey Patterson said, “This agreement to
acquire the assets of Securance Group reflects our long-term strategy to expand
our successful insurance brokerage business, already among the banking
industry’s largest. The growth of our insurance business has been a key
contributor to the expansion of our fee-based revenues. Insurance commission
revenue accounted for nearly one-third of noninterest revenue for 2011, which, in
turn, increased to a record 38.4% of total revenue for the year. Our insurance
services enable BancorpSouth to serve more of our clients’ needs, while
diversifying and enhancing the stability of the Company’s total revenue.”
Yank Lovelace, President and CEO of The Securance Group, Inc. said, “This new
relationship will enable us to continue bringing new resources to our clients, while
complementing our agency’s growth and development as we work and share all of
the unique talents and skills within BancorpSouth’s agency network.”
In addition to the agency’s Brewton, Alabama headquarters office, Securance
Group also operates offices in Montgomery, the state’s capital, and in Troy,
located in southeast Alabama. BancorpSouth Insurance Services, Inc. currently
serves the Birmingham and Mobile, Alabama markets.
“Securance Group is a well-run, multi-lines agency, and we have the utmost
respect for Yank and his management and staff. We look forward to the agency
becoming part of the BancorpSouth family”, commented Markham McKnight,
BancorpSouth Insurance Services, Inc. President. James Threadgill, BancorpSouth’s
Vice Chairman of Financial Services added, “While expanding our existing agency
franchise, the pending Securance Group acquisition will also help solidify our
Alabama market coverage by complementing our existing Mobile and Birmingham
Alabama market coverage by complementing our existing Mobile and Birmingham
market areas.”
BancorpSouth Insurance Services, Inc. ranks as the nation’s 26t h largest insurance
firm based on the latest rankings available for top insurance brokerage firms in
America by Business Insurance. BancorpSouth Insurance Services, Inc. currently
operates approximately 26 offices, with over 500 associates serving clients across
the country.
Forward-Looking Statements
Certain statements contained in this news release may not be based on historical
facts and are “forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements may be
identified by their reference to a future period or periods or by the use of
forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,”
“may,” “might,” “will,” “would,” “could” or “intend.” These forward-looking
statements include, without limitation, statements relating to closing the
acquisition of The Securance Group, Inc. and the impact of the acquisition on the
Company’s market presence.
We caution you not to place undue reliance on the forward-looking statements
contained in this news release in that actual results could differ materially from
those indicated in such forward-looking statements because of a variety of
factors. These factors may include those factors detailed from time to time in the
Company’s press releases and filings with the Securities and Exchange
Commission.
About BancorpSouth
BancorpSouth Bank is a wholly owned subsidiary of BancorpSouth, Inc. (NYSE: BXS),
a financial services company with approximately $13.3 billion in assets
headquartered in Tupelo, Mississippi. BancorpSouth Bank operates approximately
290 commercial banking, mortgage, insurance, trust and broker/dealer locations
in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and
Texas, and an insurance location in Illinois.
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