The insurance unit of BancorpSouth (BXS) has agreed to buy the assets of Securance Group, an insurance agency in Brewton, Ala.
The $13.3 billion-asset BancorpSouth has grown its insurance business over the last decade through a string of acquisitions. In 2011, insurance commission revenue accounted for roughly 38% of total revenue and nearly a third of noninterest revenue, Aubrey Patterson, BancorpSouth chief executive and chairman, said in a news release.
BancorpSouth Insurance Services has offices in eight states, including Alabama, Arkansas, Tennessee, Missouri and Illinois.
The financial terms of the deal, which is expected to close in early July, were not disclosed, the Tupelo, Miss., company said Monday.