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EXHIBIT 23.8
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CONSENT OF STIFEL, NICOLAUS & COMPANY, INCORPORATED
We hereby consent to the use of our opinion included as Annex E to the
Joint Proxy Statement/Prospectus included in the Registration Statement on Form
S-4 relating to the proposed merger of First United Bancshares, Inc. with and
into BancorpSouth, Inc., and to the reference to our firm name under the
captions "SUMMARY", "BACKGROUND OF THE MERGER", "FIRST UNITED'S REASONS FOR THE
MERGER; RECOMMENDATION OF FIRST UNITED'S BOARD OF DIRECTORS", and "Fairness
Opinions of First United's Financial Advisors" in such Joint Proxy
Statement/Prospectus. In giving such consent, we do not admit and we disclaim
that we come within the category of persons whose consent is required under
Section 7 of the Securities Act of 1933, as amended, or the Rules and
Regulations of the Securities and Exchange Commission thereunder.
STIFEL, NICOLAUS & COMPANY, INCORPORATED
BY: /s/ RICK E. MAPLES
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Rick E. Maples
Senior Vice President
St. Louis, Missouri
June 14, 2000
