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.

Five percent of the $13.4 billion-asset company's work force accepted a package that includes improved pension benefits, the company said Monday. The early-retirement program is expected to save BancorpSouth approximately $9 million per year.

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