BancorpSouth Inc. announces stock split and cash dividend increase.TUPELO tupelo, in botany tupelo: see black gum. Tupelo, city, United States Tupelo (t  `pĭlō, ty , Miss.--(BUSINESS WIRE)--Oct. 24, 1995--BancorpSouth Inc. (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BOMS) today announced that its board of directors declared a two-for-one stock split effected in the form of a stock dividend through which each eligible holder of BancorpSouth common stock, par value $2.50 per share, will receive an additional share of BancorpSouth common stock. The shares will be issued on Nov. 20, 1995, to shareholders of record as of Nov. 1, 1995. The stock split will increase BancorpSouth's outstanding common shares from 8.97 million to 17.93 million shares. "The board's decision to effect a stock split demonstrates our positive outlook for BancorpSouth," said Aubrey Burns Patterson, BancorpSouth chairman and chief executive officer. Patterson noted that BancorpSouth's share price has climbed 31.3 percent year-to-date to $44 per share as of Oct. 23, 1995. "The stock split will allow our shares to trade at a price level that is considered more desirable for many investors, which we believe will increase their liquidity and marketability Marketability A negotiable security is said to have good marketability if there is an active secondary market in which it can easily be resold. marketability The ease with which an investment may be bought and sold in the secondary market. ." The company previously announced that net income for the third quarter of 1995 was $0.97 per share compared to $0.82 per share for the third quarter of 1994. Net income for the nine months ended Sept. 30, 1995, totaled $23.9 million compared to $19.5 million in 1994. On a per share basis, net income amounted to $2.66 in 1995 for the nine months ended Sept. 30, compared to $2.21 for the same period of 1994, an increase of 20.4%. The board also declared a quarterly cash dividend of $.17 per share payable Jan. 2, 1996, to shareholders of record Dec. 15, 1995. This cash dividend will be payable after the above-mentioned stock split and represents a 13.3% increase in the quarterly cash dividend. BancorpSouth is a bank holding company and savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company based in Tupelo, Miss. It is the parent company of Bank of Mississippi and Laurel Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. 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. , each located in Mississippi, and of Volunteer Bank in Tennessee. Its common stock is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol "BOMS." CONTACT: BancorpSouth Inc., Tupelo L. Nash Allen Jr., 601/680-2330 Gary C. Bonds, 601/680-2332 |
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