EXHIBIT 99.1
[BancorpSouth logo]
FOR IMMEDIATE RELEASE
Financial Contacts:
BancorpSouth: Nash Allen or Gary Bonds, 662-680-2330
Premier Bank of Brentwood: Jim Harris, 615-376-0001
Media Contacts:
BancorpSouth: Randy Burchfield, 662-620-4302
Premier Bank of Brentwood: Jim Harris, 615-376-0001
Online: www.bancorpsouth.com
BANCORPSOUTH AND PREMIER BANCORP INC., ENTER INTO DEFINITIVE MERGER AGREEMENT
o Premier Bank of Brentwood merger would increase BancorpSouth's
Nashville market area presence
o Merger would provide Premier Bank customers with expanded
range of financial services
BRENTWOOD, TENN. - (Sept. 17, 2004) - Officials of BancorpSouth, Inc. (NYSE:BXS)
and Premier Bancorp, Inc., parent company of The Premier Bank of Brentwood,
announced today the signing of a definitive merger agreement. The merger would
increase BancorpSouth's presence in the Brentwood and Williamson County market
area.
Approval of banking regulators and shareholders of Premier Bancorp, Inc., is
required. Details of the financial terms of the transaction were not disclosed.
The transaction is expected to be completed during the first quarter of 2005.
Premier Bancorp, Inc., is the holding company for The Premier Bank of Brentwood,
a $150.8 million asset commercial bank founded in 1997. Locally owned and
managed, The Premier Bank operates two banking locations in Brentwood.
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Premier Bank Chairman and CEO Jim Harris, a co-founder of the bank, said, "Our
merger with BancorpSouth will give us the opportunity to grow more rapidly to
serve this dynamic market. BancorpSouth has an established presence here with
plans to grow steadily in this market. Joining with BancorpSouth will provide
our customers opportunities offered by a large, resourceful, community-minded
bank. We are truly excited about merging with BancorpSouth."
Premier Bank President Diane West said, "When the merger is complete, our
customers will have all of the advantages and services of an $11 billion bank
with the local, hometown customer service to which they have become accustomed
and for which BancorpSouth is known in our industry."
"This is truly a mutually beneficial partnership," said BancorpSouth Chairman
and CEO Aubrey Patterson. "We established a loan production office in
Brentwood's Maryland Farms area two years ago and have since expanded it to
full-service banking. We have been actively seeking other banking locations in
the Brentwood and Franklin areas to expand our presence in Williamson County.
This new partnership certainly accelerates our opportunity to grow in Williamson
County and brings to BancorpSouth's team a number of outstanding bankers."
BancorpSouth President Jim Kelley noted, "Our presence in Tennessee continues to
grow, and we are pleased to have the opportunity to serve additional customers
in the greater Nashville market. We currently have 33 banking locations with
combined deposits exceeding $1.0 billion in 20 Tennessee cities, primarily in
Memphis, Jackson and the West Tennessee area. We see Brentwood and Williamson
County as a logical growth area for BancorpSouth's community style of banking."
Williamson County is ranked third in the U.S. with most growth potential and
prosperity by American City Business Journal.
Today, in a concurrent event, BancorpSouth also announced the signing of a
definitive merger agreement with Business Holding Corporation of Baton Rouge,
Louisiana, parent company of The Business Bank of Baton Rouge, a $163.7 million
asset commercial bank established in 1998.
Headquartered in Tupelo, Mississippi, BancorpSouth is a financial holding
company with $10.7 billion in assets operating 247 banking and mortgage
locations and 233 automated teller machines in Arkansas, Alabama, Louisiana,
Mississippi, Tennessee and Texas communities. The Company also provides
investment services through its subsidiary BancorpSouth Investment Services,
Inc., and insurance services through BancorpSouth Insurance Services Inc.
BancorpSouth's common stock is traded on the New York Stock Exchange under the
symbol "BXS."
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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," OR "INTEND." THESE FORWARD-LOOKING
STATEMENTS INCLUDE, WITHOUT LIMITATION, THOSE RELATING TO BANCORPSOUTH'S FUTURE
CHANGES AND THE EFFECTS OF THE MERGER.
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, FAILURE TO OBTAIN
REQUIRED SHAREHOLDER OR REGULATORY APPROVALS, THE COMPANIES' FAILURE TO
CONSUMMATE THE MERGER, INABILITY TO SUCCESSFULLY INTEGRATE THE COMPANIES AFTER
THE MERGER, MATERIALLY ADVERSE CHANGES IN THE COMPANIES' FINANCIAL CONDITIONS,
CHANGES IN ECONOMIC CONDITIONS AND GOVERNMENT FISCAL AND MONETARY POLICIES,
FLUCTUATIONS IN PREVAILING INTEREST RATES, THE ABILITY OF BANCORPSOUTH TO
COMPETE WITH OTHER FINANCIAL SERVICES COMPANIES, CHANGES IN BANCORPSOUTH'S
OPERATING OR EXPANSION STRATEGY, GEOGRAPHIC CONCENTRATION OF BANCORPSOUTH'S
ASSETS, THE ABILITY OF BANCORPSOUTH TO ATTRACT, TRAIN, AND RETAIN QUALIFIED
PERSONNEL, THE ABILITY OF BANCORPSOUTH TO EFFECTIVELY MARKET ITS SERVICES AND
PRODUCTS, BANCORPSOUTH'S DEPENDENCE ON EXISTING SOURCES OF FUNDING, CHANGES IN
LAWS AND REGULATIONS AFFECTING FINANCIAL INSTITUTIONS IN GENERAL, POSSIBLE
ADVERSE RULINGS, JUDGMENTS, SETTLEMENTS AND OTHER OUTCOMES OF PENDING
LITIGATION, THE ABILITY OF BANCORPSOUTH TO MANAGE ITS GROWTH AND EFFECTIVELY
SERVE AN EXPANDING CUSTOMER AND MARKET BASE, AND OTHER FACTORS GENERALLY
UNDERSTOOD TO AFFECT THE FINANCIAL RESULTS OF FINANCIAL SERVICE COMPANIES, AND
OTHER RISKS DETAILED FROM TIME TO TIME IN BANCORPSOUTH'S NEWS RELEASES AND
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.
IN CONNECTION WITH THE PROPOSED MERGER, BANCORPSOUTH WILL FILE A REGISTRATION
STATEMENT ON FORM S-4 WITH THE SECURITIES AND EXCHANGE COMMISSION. SHAREHOLDERS
OF BANCORPSOUTH AND PREMIER BANCORP ARE ENCOURAGED TO READ THE REGISTRATION
STATEMENT, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE A PART OF THE
REGISTRATION STATEMENT, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
MERGER, BANCORPSOUTH AND PREMIER BANCORP. AFTER THE REGISTRATION STATEMENT IS
FILED WITH THE SEC, IT WILL BE AVAILABLE FOR FREE, BOTH ON THE SEC'S WEB SITE
(WWW.SEC.GOV) AND FROM BANCORPSOUTH'S AND PREMIER BANCORP'S CORPORATE SECRETARY.
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