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BancorpSouth withdraws merger application, will refile

Reported by: Mel Carlock
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Updated: 8/07/2014 9:46 am
TUPELO, Miss. (WTVA) -- BancorpSouth has withdrawn a merger plan to take over banks in Louisiana and Texas, but plans to refile the applications for approval with federal regulators soon.

The bank made the announcement in a quarterly filing with the Securities Exchange Commission Wednesday.

BancorpSouth announced plans earlier this year to merge with Ouachita Bancshares Corporation and Central Community Corporation of Temple, Texas.

The deal was expected to be finalized by June 30, but in July announced federal regulators found problems with its compliance with the Bank Secrecy Act and programs to fight money laundering.

At that time, BancorpSouth said it hoped to answer those questions and extended the merger deadline to June 30, 2015.

The 10-Q filing says the merger plan was withdrawn on August 1.

BancorpSouth did not indicate in the documents when it expected to refile the application for approval.

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