ATLANTA - Bank South Corp. said that, if market conditions warrant, it plans to sell $493 million in mortgage-backed securities during the fourth quarter, resulting in a substantial gain.
"This restructuring will further enhance capital and is expected to improve-returns from the portfolio," said Ralph E. Hutchins, senior executive vice president and chief financial officer.
The $4.8 billion-asset holding company had classified the $493 million in securities as "held for sale" as of Sept. 30. The market value of the mortgage securities exceeded $520 million on that date.
