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BancorpSouth (BXS) in Tupelo, Miss., will take a $10.9 million charge for an early-retirement program meant to cut costs in the long term and an additional charge is possible.
June 3 -
BancorpSouth in Tupelo, Miss., is offering early retirement to about 10% of its workforce in an attempt to cut costs.
May 9 -
Profit fell at BancorpSouth (BXS) in Tupelo, Miss., on declining net interest revenue and a hefty charge for legal expenses.
April 22
BancorpSouth (BXS) in Tupelo, Miss., plans to redeem $125 million in trust-preferred securities.
The $13.4 billion-asset company said late Wednesday it would repurchase the debt on August 12.
BancorpSouth will fund the redemption with roughly $75 million in cash and $50 million in debt. The buyback is expected to save the company about $9.1 million in annual interest expense.
The company expects to take a charge of $2.9 million in the third quarter to reflect costs associated with issuing the securities that it has yet to write off.
