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Federal inquiries delay BancorpSouth takeovers

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Posted: Jul 21, 2014 6:15 PM

Updated: Jul 21, 2014 6:15 PM

TUPELO, Miss. (AP) BancorpSouth says its acquisitions of a bank in Louisiana and one in Texas will be delayed because of federal inquiries into BancorpSouth's practices.

The Tupelo, Mississippi-based bank made the announcement Monday as it released financial results for its second quarter.

BancorpSouth says it's being delayed in gaining regulatory approvals to acquire Ouachita Bancshares Corp. of Monroe, Louisiana, and Central Community Corp. of Temple, Texas.

In a stock filing, BancorpSouth says federal bank regulators have found problems with its compliance with the Bank Secrecy Act and programs to fight money laundering. BancorpSouth also says the federal Consumer Financial Protection Bureau is reviewing the bank's fair lending practices.

BancorpSouth says the two banks, whose stockholders have approved the transactions, have extended the deadlines for the purchases until June 30, 2015.

Topics: MS--BancorpSouth-Acquisition Delay

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