BancorpSouth, Inc. makes announcement.STARKVILLE, Miss.--(BUSINESS WIRE)--July 17, 1995--The shareholders of First Federal Bank for Savings meeting in Starkville today approved the merger of the federally chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission for savings with Bank of Mississippi, a subsidiary of BancorpSouth, Inc. It is expected that the merger will be effected Friday, July 28, 1995. Total consideration to be received by First Federal shareholders equates to $23.64 per share in BancorpSouth stock for each share of First Federal stock. There are 169,274 outstanding shares of First Federal stock, making the total transaction worth approximately $4 million. The transaction will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. and to be tax free to the shareholders of First Federal. First Federal was established in Starkville in 1934 as a federally chartered savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. . In October 1993, First Federal converted from a mutual to a stock company. It currently has assets of approximately $25 million. BancorpSouth, Inc. is the parent company of the 119-year old Bank of Mississippi which operates 83 banking locations in 43 Mississippi communities. Bank of Mississippi entered the Starkville market in 1987. BancorpSouth also operates Laurel Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , headquartered in Laurel, Mississippi Laurel is a city located in Jones County in Mississippi, a state of the United States of America. As of the 2000 census, the city had a total population of 18,393 although a significant population increase has been reported following Hurricane Katrina. , with nine offices in six central and south Mississippi cities, and Volunteer Bank, headquartered in Jackson, Tennessee, with 14 offices in West Tennessee. Total assets of BancorpSouth on June 30, 1995 were $2.8 billion. CONTACT: BancorpSouth, Inc. Buddy Staggers staggers /stag·gers/ (stag´erz) a form of vertigo occurring in decompression sickness. staggers incoordination of any kind, including a tendency to fall, and recumbency if harassed. , 601/323-2921 Harry Baxter, 601/680-2410 |
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