Money generator
by January 17, 2012 6:33 pm 110 views
Tupelo, Miss.-based BancorpSouth announced Tuesday (Jan. 17) the launch an underwritten public offering of $100 million of its common stock. An increase of 15% was made for underwriters on a 30-day option.
Bank officials said in a statement they intend to use revenue from the stock sale “for general corporate purposes, including to maintain certain capital levels and liquidity at the Company, potentially provide equity capital to BancorpSouth Bank, fund growth either organically or through acquisition of other financial institutions, insurance agencies, or other businesses that are closely aligned to the operations of the Company, and fund investments in its subsidiaries.”
Morgan Stanley and Stifel, Nicolaus & Company are the joint book-running managers in the offering. Stephens Inc.; Keefe, Bruyette & Woods; and Sandler O'Neill + Partners, L.P. are acting as co-managers for the stock offering.
BancorpSouth has $13 billion in assets, and operates 286 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois.