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BancorpSouth Completes Merger with FNS Bancshares, Inc.

On May 1, 2021, BancorpSouth Bank completed its merger with FNS Bancshares, Inc., the bank holding company of FNB Bank. Under the terms of the merger agreement, BancorpSouth issued 2,975,000 shares of common stock and paid $18 million in cash for all outstanding shares of FNS Bancshares, Inc. capital stock. FNS Bancshares, Inc. operated 17 full-service banking offices in Alabama, Georgia and Tennessee. The merger marks BancorpSouth's entrance into the Georgia market.

Waller served as special securities and corporate counsel to BancorpSouth by preparing the joint proxy statement/offering memorandum, obtaining listing approval from the New York Stock Exchange for the shares of BancorpSouth common stock issuable to FNS Bancshares shareholders, preparing requisite filings under the federal securities laws with the Federal Deposit Insurance Corporation, preparing exchange-related documentation for the payout of merger consideration to FNS Bancshares shareholders and interfacing with Computershare to ensure the closing and the post-closing payments of merger consideration.

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Elliott Smith
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