BancorpSouth Withdraws Merger Application with OIB

Published 08/07 2014 11:21AM

Updated 08/07 2014 05:06PM

Tupelo, MS -- (WTVA) BancorpSouth has withdrawn a merger plan to take over Ouachita Independent Bank, but plans to refile the applications for approval with federal regulators soon.

The bank made the announcement in a quarterly filing with the Securities Exchange Commission Wednesday.

BancorpSouth announced plans earlier this year to merge with OIB and Central Community Corporation of Temple, Texas.

The deal was expected to be finalized by June 30, but in July announced federal regulators found problems with its compliance with the Bank Secrecy Act and programs to fight money laundering.

At that time, BancorpSouth said it hoped to answer those questions and extended the merger deadline to June 30, 2015.

BancorpSouth did not indicate in the documents when it expected to refile the application for approval.

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