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EXHIBIT 99.1
Financial Contact: BancorpSouth, L. Nash Allen, 662-680-2330
Media Contact: BancorpSouth: Harry Baxter, 662-680-2410
Randy Burchfield, 662-680-2216
Online: www.bancorpsouth.com
FOR RELEASE AT 10:30 A.M., THURSDAY, AUGUST 31, 2000
BANCORPSOUTH AND FIRST UNITED BANCSHARES
COMPLETE MERGER
TUPELO, Miss. - August 31, 2000 - BancorpSouth Inc. (NYSE: BXS) and First United
Bancshares Inc. (NASDAQ: UNTD) have consummated the merger of First United
Bancshares into BancorpSouth effective at the end of August 31, 2000, forming a
six-state, $9.0 billion financial services company.
BancorpSouth Chairman and CEO Aubrey B. Patterson said, "This is one of the most
exciting times in the history of our company. We are now uniquely positioned to
provide exceptionally high quality financial services while continuing to
maintain close customer relationships. These personal relationships have been,
and will continue to be, the hallmark of BancorpSouth."
James V. Kelley, Chairman and CEO of First United Bancshares, immediately
assumes his new role as President and Chief Operating Officer of BancorpSouth.
Mr. Kelley said, "First United's staff is excited to be a significant part of
the new combined company. During this very smooth transition, our staffs have
learned to respect and appreciate each other. Moving forward together, we are
well positioned to maintain and, in fact, grow our share of the markets we
serve."
The merger is being accounted for as a pooling of interests. First United
stockholders receive 1.125 shares of BancorpSouth common stock in exchange for
each share of First United stock. The total transaction value is approximately
$416 million based on the August 30, 2000 closing price of BancorpSouth stock.
The new combined company will operate as BancorpSouth. Headquartered in Tupelo,
Miss., BancorpSouth will operate 234 banking and mortgage locations in Alabama,
Arkansas, Louisiana, Mississippi, Tennessee and Texas with a staff of
approximately 3,500. The merger makes BancorpSouth the largest Mississippi-based
banking company in terms of total assets.
BancorpSouth provides, in addition to traditional banking services, home
mortgage lending, credit cards, trust and fiduciary services, investment
services through its subsidiary, BancorpSouth Investment Services Inc. and
insurance services through BancorpSouth Insurance Services. BancorpSouth's
common stock is traded on the New York Stock Exchange under the symbol BXS.
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FORWARD-LOOKING STATEMENTS
CERTAIN STATEMENTS CONTAINED IN THIS NEWS RELEASE MAY NOT BE BASED ON HISTORICAL
FACTS AND ARE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF
THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED. THESE FORWARD-LOOKING STATEMENTS MAY BE
IDENTIFIED BY THEIR REFERENCE TO A FUTURE PERIOD OR PERIODS OR BY THE USE OF
FORWARD-LOOKING TERMINOLOGY, SUCH AS "ANTICIPATE," "BELIEVE," "ESTIMATE,"
"EXPECT," "MAY," "MIGHT," "WILL," "WOULD," OR "INTEND." THESE FORWARD-LOOKING
STATEMENTS INCLUDE, WITHOUT LIMITATION, THOSE RELATING TO BANCORPSOUTH'S
SERVICES, CUSTOMER RELATIONSHIPS AND GROWTH.
WE CAUTION YOU NOT TO PLACE UNDUE RELIANCE ON THE FORWARD-LOOKING STATEMENTS
CONTAINED IN THIS NEWS RELEASE IN THAT ACTUAL RESULTS COULD DIFFER MATERIALLY
FROM THOSE INDICATED IN SUCH FORWARD-LOOKING STATEMENTS, DUE TO A VARIETY OF
FACTORS. THOSE FACTORS INCLUDE, BUT ARE NOT LIMITED TO INABILITY TO SUCCESSFULLY
INTEGRATE THE COMPANIES, MATERIALLY ADVERSE CHANGES IN BANCORPSOUTH'S FINANCIAL
CONDITION, CHANGES IN ECONOMIC CONDITIONS AND GOVERNMENT FISCAL AND MONETARY
POLICIES, FLUCTUATIONS IN PREVAILING INTEREST RATES, THE ABILITY OF BANCORPSOUTH
TO COMPETE WITH OTHER FINANCIAL SERVICES COMPANIES, CHANGES IN BANCORPSOUTH'S
OPERATING OR EXPANSION STRATEGY, GEOGRAPHIC CONCENTRATION OF BANCORPSOUTH'S
ASSETS, THE ABILITY OF BANCORPSOUTH TO ATTRACT, TRAIN, AND RETAIN QUALIFIED
PERSONNEL, THE ABILITY OF BANCORPSOUTH TO EFFECTIVELY MARKET ITS SERVICES AND
PRODUCTS, BANCORPSOUTH'S DEPENDENCE ON EXISTING SOURCES OF FUNDING, AND OTHER
FACTORS DESCRIBED FROM TIME TO TIME IN BANCORPSOUTH'S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION. WE UNDERTAKE NO OBLIGATION TO UPDATE THESE
FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES THAT OCCUR AFTER
THE DATE ON WHICH SUCH STATEMENTS WERE MADE.
