March 5, 2008
Metropolitan acquires Bancsouth
CRYSTAL SPRINGS, March 5, 2008 — Metropolitan BancGroup Inc., a multi-state bank holding company headquartered in Memphis, has concluded its acquisition of Bancsouth Financial Corporation and its subsidiary, Bank of the South, previously headquartered in Crystal Springs, and has also completed its acquisition of a Tennessee state bank charter.
The acquisitions were closed on February 28th and February 29th, respectively. Terms were not disclosed. With the transactions, Metropolitan has the ability to operate full-service offices in Tennessee and Mississippi. Both transactions had been previously announced and were completed after receiving regulatory approvals. As of the completion of the acquisitions, Metropolitan BancGroup has total assets and capital of approximately $125 million and $45 million, respectively. With the addition of Bank of the South's 25 associates, Metropolitan will begin operation with a combined payroll of 42 workers. Curt Gabardi, president and CEO of Metropolitan and former market president of Regions Bank in Jackson, says, "This is an exciting time for our shareholders, clients and associates as it affirms our strategy of creating a dynamic, full-service commercial and private bank comprised of the most talented and experienced bankers in our markets. Our Tennessee and Mississippi strategy is a story about great bankers operating in a nimble and client-centric environment.
We believe this will be our competitive advantage. We are quite gratified by the support we've received and the confirmation that this is the right strategy at the right time for a talented group of bankers to pursue a niche commercial banking strategy." Metropolitan will begin full-service operations in Mississippi and Tennessee this month. In Memphis, the bank currently maintains a temporary location at Clark Tower 5100 Poplar Avenue, while its permanent office and Tennessee headquarters is being constructed at 1661 Aaron Brenner Drive in East Memphis. Metropolitan expects to occupy its new Memphis office in May of this year. In Mississippi, in addition to an existing Bank of the South office in Flowood located on Lakeland Drive, which will be re-branded Metropolitan, the company plans to open its Mississippi headquarters at on Northlake Drive in Ridgeland in April. The company will operate primarily in the Central Mississippi and Memphis markets Bank of the South, which will serve as the community banking group for Metropolitan, and will continue to operate under that name in Copiah County, specifically in Crystal Springs and Hazlehurst.