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                                                                   EXHIBIT 99.1



November 22, 2000                              For Further Information Contact:
                                               L. Nash Allen, Jr. (662) 680-2330


                        BANCORPSOUTH COMPLETES INVESTMENT
                             PORTFOLIO RESTRUCTURING

         TUPELO, MS - BancorpSouth, Inc. (NYSE: BXS) announced today that it has
completed the previously announced restructuring of the investment portfolio
acquired in connection with its August 31, 2000 merger with First United
Bancshares, Inc.

         When the merger was announced on April 17, 2000, BancorpSouth projected
that approximately $600 million of First United's investments would be sold with
an after-tax loss of $12.4 million, or $.15 per share. The Company further
projected that the sales proceeds would be reinvested with an improvement in the
taxable equivalent yield of 60 basis points, or approximately $2.2 million after
tax, or $.026 per diluted share.

         With the completion of the planned strategy, the after-tax loss
realized, on the sale of $683 million of investment securities, principally in
October 2000, was $9.7 million, or $.115 per diluted share. The net proceeds of
the sale of the securities have been used either to provide short-term liquidity
or have been reinvested in intermediate term investment securities with a
taxable equivalent yield 86 basis points greater than the disposed securities.
The net result of the restructuring is expected to enhance the Company's future
net income by approximately $2.8 million or $.033 per diluted share in 2001.

         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," or "intend." These forward-looking
statements include, without limitation, those relating to BancorpSouth's
investment portfolio and related future net income.

         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, due to a
variety of factors. Those factors include, but are not limited to, changes in
economic conditions and government fiscal and monetary policies, fluctuations in
prevailing interest rates, changes in BancorpSouth's investment strategy,
BancorpSouth's ability to realize anticipated returns on its investment
portfolio and other factors described from time to time in BancorpSouth's
filings with the Securities and Exchange Commission. We undertake no obligation
to update these forward-looking statements to reflect events or circumstances
that occur after the date on which such statements were made.