BancorpSouth opens Mobile loan production office
Daily Journal reports
TUPELO – BancorpSouth Inc. announced Thursday that it was opening an office in Mobile in what company officials called an “attractive growth market.” The Mobile loan production office, will focus on commercial lending, real estate construction and residential mortgage lending.
The company said it expects to seek regulatory approval to provide full-service banking operations in the future. Such an office would provide other retail and commercial financial products and services by the $13 billion bank.
BancorpSouth has about a 1 percent market share in Alabama, with some $600 million in assets. It has 22 full-service locations and two loan production offices.
BancorpSouth Chairman and Chief Executive Officer Aubrey B. Patterson said the opening of the Mobile office “reflects a continuation of one of BancorpSouth’s central long-term growth strategies, that of expanding our market share within our eight-state mid-south franchise by entering new markets with attractive growth dynamics.”
Byrd Williams, president of BancorpSouth’s Alabama Region, said “Mobile is one of the most appealing markets among Alabama’s 11 medium to large metropolitan areas, with a highly educated workforce and outstanding job growth in the private sector … We’re proud of our involvement in this vibrant market, especially on the heels of the latest announcement of a new steel mill being built in northern Mobile County.”
German steelmaker ThyssenKrupp announced last week it had picked a site about 25 miles north of Mobile last for a $3.7 billion steel mill. The plant is expected to employ about 2,700 workers.