TUPELO, Miss., April 7, 2021 /PRNewswire/ -- BancorpSouth
Bank (NYSE: BXS) ("BancorpSouth") announced it has received
regulatory approval from the Federal Deposit Insurance Corporation
to complete its proposed mergers with National United Bancshares,
Inc., the parent company of National United, (collectively referred
to as "National United"), and with FNS Bancshares, Inc. (OTCQX:
FNSB), the parent company of FNB Bank, (collectively referred to as
"FNS").
The mergers are currently anticipated to close on May 1, 2021, subject to the satisfaction of
customary closing conditions. As of December
31, 2021, National United and FNS collectively reported
total assets of $1.5 billion, total
loans of $930 million and total
deposits of $1.4 billion.
"We're pleased to receive regulatory approval for our mergers
with National United and FNS," said BancorpSouth Chairman and CEO
Dan Rollins. "Both companies are
trusted financial institutions that have been serving their
respective communities for more than 100 years and have cultures
and missions similar to ours. I am looking forward to welcoming
their teammates and customers to the BancorpSouth family."
National United President and CEO Eugene
Worthington added, "We couldn't be more excited to receive
regulatory approval. BancorpSouth shares our commitment to
providing first-class customer service and making a difference in
the community."
FNS Board Chairman Alan Gay said,
"We are proud to join forces with BancorpSouth. We're confident
this merger will bring opportunities and benefits to our employees
and customers."
Upon completion of the transaction, Worthington will serve as
BancorpSouth's Area Chairman, and FNS CEO Steve Rownd will serve as a BancorpSouth
division president.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS)
is headquartered in Tupelo,
Mississippi, with approximately $24
billion in assets. BancorpSouth operates approximately
305 full-service branch locations as well as additional mortgage,
insurance, and loan production offices in Alabama, Arkansas, 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@MyBXS; or connect with us through LinkedIn.
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SOURCE BancorpSouth Bank