BancorpSouth (BXS) Approves 8M Share Repurchase Program

BancorpSouth Bank (NYSE: BXS) (BancorpSouth) announced today that its Board of Directors has authorized a new share repurchase program to purchase up to an aggregate of 8 million shares of BancorpSouth's common stock. This new share repurchase program will become effective January 2, 2020 and will expire on December 31, 2020. Under the current share repurchase program, BancorpSouth has purchased 2,173,081 shares of the 3 million total shares authorized for repurchase. BancorpSouth may (or may not) repurchase the remaining 826,919 shares under the current share repurchase program on or prior to December 31, 2019. As a result of the successful completion of its previously announced public offering of $300 million of its 4.125% Fixed-to-Floating Rate Subordinated Notes and $172.5 million of its 5.5% Series A Non-Cumulative Perpetual Preferred Stock, BancorpSouth was able to increase the authorization under its new share repurchase program.

Under the new share repurchase program, BancorpSouth's shares may be purchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The new share repurchase program may be extended, modified, amended, suspended or discontinued at any time at BancorpSouth's discretion and does not commit BancorpSouth to repurchase shares of its common stock. With respect to repurchases made pursuant to the new share repurchase program, the actual means of purchase, the timing of purchases, the target number of shares per purchase, and the maximum price or range of prices per purchase will be determined by management in its discretion and will depend upon a number of factors, including the market price of BancorpSouth's common stock, general market and economic conditions, and applicable legal and regulatory requirements.

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