Mississippi-based BancorpSouth Inc. has announced it will not apply for federal bailout funds.
Aubrey Patterson, chairman and chief executive officer of BancorpSouth, said that it was in the best interest of shareholders to continue with a conservative capital management plan without adding government capital.
The Tupelo, Miss.-based financial institution posted 11.82 percent in total risk-based capital in the third quarter ending Sept. 30.
BancorpSouth has about $13.3 billion in assets and operates 300 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.
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