EXHIBIT 99.1
[BancorpSouth logo]
FOR IMMEDIATE RELEASE
Financial Contacts:
BancorpSouth: Nash Allen or Gary Bonds, 662-680-2330
Business Holding Company: Charles Roemer, 225-768-1141
Media Contacts:
BancorpSouth: Randy Burchfield, 662-620-4302
Business Holding Company: Charles Roemer, 225-768-1141
Online: www.bancorpsouth.com
BANCORPSOUTH AND BUSINESS HOLDING CORPORATION ENTER INTO DEFINITIVE
MERGER AGREEMENT
o The Business Bank of Baton Rouge merger would provide banking entry for
BancorpSouth into Baton Rouge where BancorpSouth insurance agency Wright &
Percy is currently headquartered
o Merger would provide The Business Bank customers an expanded range of
financial services
BATON ROUGE, La. -- (Sept. 17, 2004) -- Officials of BancorpSouth, Inc.,
(NYSE:BXS) and Business Holding Corporation, Inc., parent company of The
Business Bank of Baton Rouge, Louisiana, announced today the signing of a
definitive merger agreement. The merger would give BancorpSouth a banking
presence in the Baton Rouge metropolitan market.
Approval of banking regulators and shareholders of Business Holding Corporation
of Baton Rouge 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.
Business Holding Corporation is the holding company for The Business Bank of
Baton Rouge, a $163.7 million asset commercial bank founded in 1998. Locally
owned and managed, The Business Bank provides commercial banking services in
East Baton Rouge Parish and contiguous communities.
-more-
The Business Bank of Baton Rouge President Charles "Buddy" Roemer III, former
governor of Louisiana, said, "Our planned merger with BancorpSouth gives us the
opportunity to expand our business model with the strength of an $11 billion
financial institution. Baton Rouge is a dynamic market, and joining with
BancorpSouth will allow us to provide more sophisticated banking services to our
current and prospective customers. We have experienced remarkable acceptance in
this market. However, to continue to meet our customers' expectations and
expanding needs, we realized we must join with a complete financial services
company that offers expanded resources and technological capabilities."
Business Holding Corporation Chairman David Pitts said, "This merger is mutually
beneficial both for our bank and BancorpSouth. Through this merger we obtain the
strength of one of the leading banks in the MidSouth, and that benefits our
customers. BancorpSouth now has the opportunity to enter the Baton Rouge banking
market with a staff of seasoned Louisiana bankers already in place."
BancorpSouth Chairman and CEO Aubrey B. Patterson said, "The Business Bank of
Baton Rouge has grown by providing unparalleled specialized service through
professional relationships. Our partnership will enhance their ability to serve
the complete needs of their customers providing a real opportunity for both
companies. BancorpSouth banking officers focus on the needs of their
communities, and our local bankers have an entrepreneurial spirit combined with
local decision-making authority to act upon the opportunities presented to them
by their customers. We believe BancorpSouth's brand of banking will be extremely
popular in Baton Rouge."
BancorpSouth President and COO James V. Kelley said, "We are pleased to have The
Business Bank of Baton Rouge joining our banking family. This outstanding
commercial bank will expand our Louisiana banking family, which currently
includes 13 banking locations in Shreveport, Bossier City, Monroe, West Monroe,
Rayville and Ruston, with more than $468 million in deposits."
Wright & Percy Insurance, Louisiana's oldest and largest insurance agency, is
headquartered in Baton Rouge with offices in Alexandria, Lake Charles and
Shreveport. Wright & Percy merged with BancorpSouth Insurance Services in 2003.
Wright & Percy President Markham McKnight said, "BancorpSouth has allowed us to
continue to grow our business independently and successfully while providing us
the additional strengths inherent in a merger with a financial services company
of its size. More than a year into our relationship with BancorpSouth this is
truly a win-win situation for Wright & Percy and our customers and similarly
will be for the customers of The Business Bank of Baton Rouge. We are excited
about the synergies we can develop among our mutual Louisiana customers."
Today, in a concurrent event, BancorpSouth also announced the signing of a
definitive merger agreement with Premier Bancorp, Inc., of Brentwood, Tennessee,
parent company of The Premier Bank of Brentwood, a $150.8 million asset
community bank established in 1997.
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 BUSINESS HOLDING CORPORATION 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 BUSINESS HOLDING CORPORATION.
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
BUSINESS HOLDING CORPORATION'S CORPORATE SECRETARY.
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