TUPELO, Miss., June 26, 2014 /PRNewswire/ -- BancorpSouth (NYSE: BXS) announced today a comprehensive management reorganization of the Company's senior management responsibilities and reporting structure. The reorganization impacts the Company's entire senior management organization including its community bank system along with its mortgage, insurance, credit card services, wealth management, and leasing and equipment financing lines of business. The reorganization also impacts BancorpSouth's operations and technology, credit administration and loan operations, accounting, compliance, audit, enterprise risk management and administration functions. As part of the reorganization, and as previously announced, Chris A. Bagley has been named President and Chief Operating Officer; Bagley succeeds James V. Kelley. The Company announced earlier this year Kelley's planned retirement, effective August 15, 2014.
"This reorganization of the Company's senior management responsibilities and reporting structure reinforces BancorpSouth's total focus and commitment to growing loans, deposits and fee income while building on the quality and high standards of the BancorpSouth customer experience," said Dan Rollins in commenting on the reorganization. "The realignment of the company's front line sales and support functions to focus on growth will be supported by coordinated efforts and improved processes intended to maintain high quality credit metrics, eliminate redundant product silos, improve and increase internal communications, and drive our cost reduction and operating efficiency initiatives; all intended to contribute to long-term growth and increased shareholder value."
We have reorganized our reporting structure to focus on our customers and their needs. This new reporting structure will involve each senior staff member's area of responsibility being represented on one of five major teams, all focused on responsibilities either directly involved with business development/sales or in support of such efforts. All front line teammates, including banking, mortgage, insurance, wealth management, and leasing & equipment finance, will be part of the new "Business Development" team. The Credit team, including Credit Administration and Loan Operations, will work to support all Business Development lending teammates. All Operations teammates will work together to support the Business Development teammates, while the Administration and Accounting teams will support all lines and functions throughout the Company.