BancorpSouth Announces Branch Optimization Plan; Includes Closing of 23 Bank Branches

BancorpSouth, Inc. BXS today announced a branch optimization plan, which includes the planned closing or consolidation, upon final regulatory approval, of 23 bank branches located in six states of BancorpSouth's eight-state footprint. The branches are located in Alabama, Arkansas, Mississippi, Missouri, Tennessee and Texas. Management believes this initiative is an important first step to streamline BancorpSouth's branch banking operations, and to provide enhanced efficiency and production capabilities, with minimal impact to customer and community service. Once fully implemented, management expects annual expense savings of approximately $4.4 million. These savings will begin to be realized during the fourth quarter of 2011.