BancorpSouth makes announcement.COVINGTON, Tenn.--(BUSINESS WIRE)--Nov. 30, 1995--Tennessee's largest state-chartered bank will be the result of today's merger of the $341 million asset Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. Community Bank, headquartered in Covington, with the $456 million asset Volunteer Bank, headquartered in Jackson. The bank merger is the result of the merger of Wes-Tenn Bancorp, Inc., holding company for Tennessee Community Bank, with BancorpSouth, Inc., holding company for Volunteer Bank. Wes-Tenn Bancorp shareholders approved the merger Tuesday in a meeting in Covington. As a result of the merger, Volunteer Bank will serve a total of 16 West Tennessee West Tennessee is one of the three Grand Divisions in the U.S. state of Tennessee. Of the three, it is the most sharply defined geographically. Its boundaries are the Mississippi River on the west and the Tennessee River on the east. communities from approximately 30 banking locations. Communities to be served by the merged banks include Alamo Alamo Eighteenth-century mission in San Antonio, Texas, site of a historic siege of a small group of Texans by a Mexican army (1836) during the Texas war for independence from Mexico. , Bartlett, Brownsville, Covington, Dresden, Henning, Humboldt, Jackson, Michie, Milan, Millington, Pickwick, Ridgely, Selmer, Somerville and Trenton. In addition, the bank will operate TC Finance, Inc., a personal finance company with offices in Covington, Lexington, McKenzie, Ripley, Trenton, Union City and Waverly, and West Tennessee Life Insurance Company, a credit life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . Volunteer Bank Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mike Weeks announced today the promotion of current Volunteer President Ron Hodges The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Volunteer Bank. Don Stephens, Executive Vice President of Tennessee Community Bank, assumes duties today as Community Bank Coordinator of Volunteer Bank. "This gives us a strong management team comprised of seasoned community bankers," Weeks told a press conference today. "Our combined banks will be a significant economic force in West Tennessee, committed to the growth and development of the communities we serve." Ennis said, "I wrote our customers this week that we selected Volunteer Bank as our merger partner because their operating philosophy, local investment policy and their commitment to each community match that of our bank. In fact, Volunteer Bank's new theme is `Tennessee's Community Bank.' Frankly, the only real change our customers will notice initially is the sign out front and a new name when they reorder re·or·der v. re·or·dered, re·or·der·ing, re·or·ders v.tr. 1. To order (the same goods) again. 2. To straighten out or put in order again. 3. To rearrange. v. their checks. Soon, however, we will be able to offer customers any number of new services as a result of our merger." BancorpSouth Chairman Aubrey Patterson, said, "This is a wonderful opportunity for our Company to expand in West Tennessee. Tennessee Community Bank and Volunteer Bank combined will be in an extremely strong marketing position to bring our comprehensive banking services to all of West Tennessee. The banks, their staffs and the communities they serve are all an ideal match and further assure the success of this merger." CONTACT: Volunteer Bank Mike Weeks, 901/422-9330 Charles Ennis, 901/422-9200 or 901/476-7166 |
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