BancorpSouth

BancorpSouth offers many mortgage options.  An equity credit line is one of them.  This is for the home owner who wants the security of having some extra cash available, whether for immediate use or to save for a rainy day.   

BancorpSouth Mortgage Options

BancorpSouth also offers many other types of mortgages.  They offer fixed rate(the interest rate stays the same for the life of the loan) mortgages with 10,15, 20, 25, and 30 year terms.  Adjustable rate mortgages are also offered.  In this type of loan the interest rate stays fixed for a certain term and then reflects the market rate.  These are offered in 1, 3, or 5 year terms with a 30 year amortization.  Balloon mortgages, fixed rate mortgages which are paid in full with a single balloon payment are also offered.  BancorpSouth also funds FHA and VA loans. These are insured by the Federal Housing Authority and the Veteran’s Administration, respectively, and generally have less strident requirements than conventional loans.  Rural Housing Loans are available for qualified low and moderate income rural residents.  A first time buyers plan and loans for those with less than perfect credit are also available.  BancorpSouth offers the single close construction loan  which allows you to turn your construction loan into a mortgage upon completion of construction without having to undergo more closing costs.   BancorpSouth  funds Jumbo loans which exceed the limits set by Fannie Mae.

History of BancorpSouth

BancorpSouth began in the disorganized days following the Civil War. In 1876 Raymond Trice and Company obtained a banking charter and apportioned a corner of his general store in Verona, Mississippi for a bank.  At the same time in Jackson, Tennessee the Volunteer Bank was begun.  Both banks expanded over the next 100 years and the merger of the two formed BancorpSouth in 1992.  By this time the network of banks had spread over the states of  Mississippi and Tennessee.  In 1998 BancorpSouth moved into Alabama.  In September of 2000 BancorpSouth merged with First United Bankshares of El Dorado, Arkansas, a bank with humble beginnings back in 1904.  This merger added Texas, Louisiana  and Arkansas into the BancorpSouth fold.   Now serving the six states of  Texas, Louisiana, Tennessee, Mississippi,  Alabama and Arkansas,  BancorpSouth boasts 240 locations all having ATMs.  BancorpSouth has $10853 millions in assets and posted a pretax earning of $157 million in 2005.

Key Executives for BancorpSouth are Aubrey B. Patterson, Chairman of the Board of Directors and Chief Executive Officer; James V Kelley, President and Chief Operating Officer; L. Nash Allen, Jr., Treasurer and Chief Financial Officer; and Larry Bateman, Executive Vice President and Vice Chairman.  BancorpSouth believes in dealing fairly with the company’s customers, suppliers, competitors and employees.  They must maintain the confidentiality of information entrusted to them and act with honest and ethical conduct. 

BancorpSouth allows its clients to apply for a loan online as well as in person or on the phone.  They are committed to working with their customers to obtain the best loan fit for the individual.

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