BancorpSouth plans to dissolve its bank holding company
TUPELO, Miss. - A Mississippi-based bank plans to dissolve its bank holding company and merging those operations with its banking subsidiary.
The Northeast Mississippi Daily Journal reports BancorpSouth Inc. will remain a publicly traded company on the New York Stock Exchange under its current symbol, BXS.
Most banks have bank holding companies that let them offer services such as mortgage banking, leasing and consumer and commercial finance and loan servicing.
The company said the change is to cut costs. It will continue filing reports under the Federal Deposit Insurance Corp., rather than the Securities and Exchange Commission.
BancorpSouth will be the only state-chartered bank in Mississippi that's not a part of the Federal Reserve system. It will remain under regulation of the FDIC and the Mississippi Department of Banking and Consumer Finance.