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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 28, 2000 (January 26, 2000)
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BANCORPSOUTH, INC.
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(Exact Name of Registrant as Specified in Its Charter)
MISSISSIPPI 0-10826 64-0659571
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification Number)
Incorporation)
ONE MISSISSIPPI PLAZA
TUPELO, MISSISSIPPI 38801
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(Address of Principal (Zip Code)
Executive Offices)
(662) 680-2000
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if Changed from Last Report)
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ITEM 5. OTHER EVENTS
On January 26, 2000, the Registrant issued a press release regarding
the Registrant's common stock repurchase program whereby the Registrant may
acquire up to 2,680,000 shares of its common stock. The Registrant expects to
complete this repurchase program within the next 12 months. In addition, the
Registrant announced a quarterly cash dividend of $.13 per common share payable
April 3, 2000 to shareholders of record on March 15, 2000. A copy of the press
release is filed as Exhibit 99.1 hereto, which is incorporated herein by
reference.
Statements contained in this Current Report which are not historical
in nature are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
include, without limitation, those relating to the likelihood of the repurchase
by Registrant of up to 2,680,000 shares of its common stock within the next 12
months. Such forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from the anticipated
results. These risks and uncertainties include changing market conditions,
changes in the market price of the Registrant's common stock, lack of adequate
funding for stock repurchases, regulatory constraints and other factors as may
be identified from time to time in the Registrant's filings with the Securities
and Exchange Commission or in the Registrant's press releases.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibit is filed herewith:
Exhibit Number Description
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99.1 Press Release of the Registrant, released on January 26, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BANCORPSOUTH, INC.
By: /s/ L. NASH ALLEN, JR.
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L. Nash Allen, Jr.
Treasurer and Chief Financial Officer
Date: January 27, 2000
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EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release of the Registrant, released on January 26, 2000
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NEWS RELEASE EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For Further Information Contact:
L. Nash Allen, Jr. (662) 680-2330
or Gary C. Bonds (662) 680-2332
BANCORPSOUTH, INC. ANNOUNCES STOCK REPURCHASE PROGRAM AND
DECLARES QUARTERLY DIVIDEND
TUPELO, MISSISSIPPI (JANUARY 26, 2000) -- BancorpSouth, Inc. (NYSE:
BXS) announced today that it is commencing a common stock repurchase program
whereby the Company may acquire up to 2,860,000 shares of the Company's common
stock, or approximately 5% of the shares currently outstanding. The Company
also declared a quarterly cash dividend of $.13 per common share payable April
3, 2000 to shareholders of record March 15, 2000.
The shares would be purchased from time to time in the open market at
prevailing market prices, and the repurchase program is expected to be
completed within the next 12 months. The extent and timing of any repurchases
will depend on market conditions and other corporate considerations.
Repurchased shares will be held as treasury stock, and will be available for
use in connection with the Company's stock option plans and other compensation
programs, or for other corporate purposes as determined by the Company's Board
of Directors.
BancorpSouth previously reported 1999 earnings of $69.0 million with
diluted earnings per share of $1.20. Earnings for the fourth quarter of 1999
were $18.1 million or $.31 per share as compared to $11.7 million or $.20 per
share for the fourth quarter of 1998.
BancorpSouth is a financial services company with $5.8 billion of
assets, and operates 167 banking and mortgage locations in Mississippi,
Tennessee and Alabama. The company also provides 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.
