BancorpSouth (BXS) in Tupelo, Miss., has named a new president as part of a broader redesign of its management structure by Chief Executive Dan Rollins.

The $13 billion-asset company said in a press release Thursday that Chris Bagley will become its president and chief operating officer, succeeding James Kelley, who is retiring on Aug. 15. The company had announced Kelley's retirement earlier this year.

Bagley joined BancorpSouth in February as an executive vice president, according to his LinkedIn profile. He previously served as chief credit officer at Prosperity Bancshares (PB) in Houston. Rollins was president and chief operating officer at Prosperity before he was hired to become BancorpSouth's CEO in late 2012. Rollins became chairman in April.

BancorpSouth also said that it had reorganized its management and reporting structure to create five teams. The business development team, which will be led by BancorpSouth veterans James Threadgill and Gordon Lewis, will handle matters tied to banking, mortgage, insurance, wealth management and equipment finance.

The company also created teams to specifically focus on credit, operations, administration and accounting.

"This new organizational alignment will facilitate a more streamlined and standardized operating process, promote improved cooperation and require greater accountability by managers and lead to a more efficient model to accomplish our long-term growth goals," Rollins said in the release.

BancorpSouth has announced several acquisitions since Rollins became CEO, including Central Community in Temple, Texas, and Ouachita Bancshares in Monroe, La.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.