BancorpSouth to Shutter 23 Branches in Six States
TUPELO, Miss. (AP) - BancorpSouth Inc. said Tuesday that it will close 23 bank branches in six states this summer as part of a plan to consolidate operations. The branches, located in Alabama, Arkansas, Mississippi, Missouri, Tennessee and Texas, haven't seen enough growth to cover their operating expenses, the company said.
The consolidation plan is part of BancorpSouth's initiative to streamline its branch banking operations and improve production. BancorpSouth anticipates that it will reap about $4.4 million annually in expense savings, beginning with the end of this year. The company said employees at branches designated for closure will be able to work at nearby BancorpSouth locations. The closings will start in August. Shares of BancorpSouth ended the regular session unchanged at $13.21.