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Peoples Financial in Biloxi, Miss., is resuming stock buybacks.
February 28 -
BancorpSouth (BXS) in Tupelo, Miss., is strengthening its insurance business in Texas.
December 19 -
The $19.3 billion-asset company plans to merge its Hancock Bank and Whitney Bank subsidiaries in the first quarter of 2014, pending regulatory approval, it said Thursday.
November 7
Peoples Financial (PFBX) in Biloxi, Miss., sold about $27.3 million in nonperforming assets in the fourth quarter.
Peoples said Thursday that it will record a quarterly loss of about $3.4 million on two of nonperforming real estate loans that had a value of $16.5 million. It will also record a $1 million gain on the sale of a gaming loan with a balance of about $10.8 million. It did not identify the buyers.
The sales will reduce Peoples' nonaccrual loans by 43% compared to Sept. 30, to $26.2 million. As a result of the sales, the $792 million-asset company said it is unlikely to declare a dividend.
"Our senior management team is confident that these steps, though painful, will finally put our most problematic loans in the rearview mirror," Peoples Chairman and Chief Executive Chevis Swetman said in a press release. "Thanks to our strong foundation, these moves will have minimal impact on our capital base."
Peoples Bank had Tier 1 capital of 12.88% and total risk-based capital of 21.28% as of Sept., 30, according to the Federal Deposit Insurance Corp. It has 17 branches along the Mississippi Gulf Coast.
