This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BancorpSouth Insurance Services, Inc. To Acquire The Securance Group, Inc.

TUPELO, Miss., June 25, 2012 /PRNewswire/ -- BancorpSouth Insurance Services, Inc., a subsidiary of BancorpSouth Bank, headquartered in Tupelo, Mississippi, announced today that it has signed a definitive agreement to acquire the assets of The Securance Group, Inc., an independent property and casualty and life and health insurance agency headquartered in Brewton, Alabama.  The transaction is expected to close on July 2nd. Financial terms of the pending transaction were not disclosed.

BancorpSouth Chairman and CEO Aubrey Patterson said, "This agreement to acquire the assets of Securance Group reflects our long-term strategy to expand our successful insurance brokerage business, already among the banking industry's largest.  The growth of our insurance business has been a key contributor to the expansion of our fee-based revenues. Insurance commission revenue accounted for nearly one-third of noninterest revenue for 2011, which, in turn, increased to a record 38.4% of total revenue for the year.  Our insurance services enable BancorpSouth to serve more of our clients' needs, while diversifying and enhancing the stability of the Company's total revenue."

Yank Lovelace, President and CEO of The Securance Group, Inc. said, "This new relationship will enable us to continue bringing new resources to our clients, while complementing our agency's growth and development as we work and share all of the unique talents and skills within BancorpSouth's agency network."

In addition to the agency's Brewton, Alabama headquarters office, Securance Group also operates offices in Montgomery, the state's capital, and in Troy, located in southeast Alabama. BancorpSouth Insurance Services, Inc. currently serves the Birmingham and Mobile, Alabama markets.

"Securance Group is a well-run, multi-lines agency, and we have the utmost respect for Yank and his management and staff.  We look forward to the agency becoming part of the BancorpSouth family," commented Markham McKnight, BancorpSouth Insurance Services, Inc. President.  James Threadgill, BancorpSouth's Vice Chairman of Financial Services added, "While expanding our existing agency franchise, the pending Securance Group acquisition will also help solidify our Alabama market coverage by complementing our existing Mobile and Birmingham market areas."

BancorpSouth Insurance Services, Inc. ranks as the nation's 26th largest insurance firm based on the latest rankings available for top insurance brokerage firms in America by Business Insurance. BancorpSouth Insurance Services, Inc. currently operates approximately 26 offices, with over 500 associates serving clients across the country.   

Forward-Looking Statements

Certain statements contained in this news release may not be based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "may," "might," "will," "would," "could" or "intend." These forward-looking statements include, without limitation, statements relating to closing the acquisition of The Securance Group, Inc. and the impact of the acquisition on the Company's market presence.

We caution you not to place undue reliance on the forward-looking statements contained in this news release in that actual results could differ materially from those indicated in such forward-looking statements because of a variety of factors. These factors may include those factors detailed from time to time in the Company's press releases and filings with the Securities and Exchange Commission. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs