Selmer BancorpSouth to stay open
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BancorpSouth will be closing 23 branches, but the Selmer branch will not be among them.
“The office in Selmer is very viable, very busy. We are proud to be in McNairy County. We continue to do well for our folks and our company,” said Earl Johnson, Community Branch President.
“We don’t fit the bill,” Johnson said about the criteria for closure.
The Selmer branch employs 17 people, according to Johnson.
The Federal Deposit Insurance Corporation reports that the branch has deposits of more than $50 million.
It has been in business at the same location since 1966, when it was called First National Bank.
Neither Corinth’s main branch nor its branch on Highway 72 will be closing either, according to Community Branch President Terry Cartwright.
Cartwright declined further comment on the matter, referring it to Randy Burchfield of the Marketing Department of BancorpSouth’s corporate headquarters in Tupelo.
Calls to Burchfield were not returned.
These two branches have more than $134 million in deposits.
They were both established in 1976.
Last Tuesday, the Tupelo-based bank announced that 23 branches in six states will be closing due to limited volume of business and lack of growth sufficient to meet expenses, according to a press release from the company.
Another factor in the decision on which branch to close is whether there is a branch nearby.
Branches to be closed are located in Tennessee as well as Alabama, Arkansas, Mississippi, Missouri and Texas.
The bank also has branches in Florida and Louisiana.
This plan is contingent upon regulatory approval.
“The resulting branch consolidation and closure plan will help ensure that we are utilizing an efficient and productive branch delivery platform, without detracting from the service and access we provide our clients and communities. While 23 branch locations are designated for consolidation and closure, our valued associates will continue to be available to serve their clients’ banking needs through other nearby BancorpSouth locations,” said Aubrey Patterson, BancorpSouth Chairman and Chief Operating Officer.
The company has commercial banking, mortgage, insurance, trust and broker/dealer operations and has $13.5 billion in assets.
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