Message from our Chairman

This January brings us not only a new year but a new decade. We always find it helpful to pause at the ending of one year and the beginning of another to reflect on the year just past and what the future may hold. This year it seems even more appropriate to do so.

I feel particularly blessed at this time to be a member of the BancorpSouth team. Through the unified efforts of more than 4,000 dedicated professionals, and with the support of over 550,000 loyal clients we have dealt effectively with the challenges of the worst economic conditions in our lifetime. It seems appropriate that the nickname "The Great Recession" has come to be applied to this downturn in the economy. Many challenges still lie ahead, so this is no time to be complacent. The good news is that BancorpSouth's strong capital and high quality assets continue to serve us well. Most importantly, the real source of our strength is the willingness of each and every team member to assume personal responsibility for making a positive difference in the performance of the company.

The decade of 2000-2009 has been another transformational decade for BancorpSouth. When the decade began, we had no banking operations west of the Mississippi River. In addition to the First United merger in 2000, we have made significant expansions into central Arkansas, northeast Arkansas, northwest Arkansas, Missouri, and east Texas. We've seen significant expansion of our Alabama bank in the Huntsville and Mobile area. We moved into the greater Nashville market with banks in Brentwood and Franklin. We established a new market entry in Destin, Florida, and we've expanded our branch network in a number of other regions in the corporation. 

In 2000, we had just begun our initial efforts in property and casualty insurance agency operations by acquiring the Stewart Sneed Hewes Agency in Mississippi. Through the decade, that initial team has been joined by major expansions into Louisiana, Arkansas, and Texas. We are now the fifth largest bank holding company in America in terms of insurance revenues, and our team has continued to be strengthened to provide the foundation for future growth. Mortgage banking, Asset Management and Trust, and Investment Services have all continued to grow and provide high quality service to our client base.

Our operations staff has expanded our capabilities dramatically during this decade, and a state-of-the-art structure has been put in place to be a source of strength as our company continues to expand geographically and in size and complexity. A world-class call center, item processing innovation, disaster preparedness, central deposit and loan operations, treasury management, and many other advanced technologies make us well prepared to deliver high quality offerings to our clients in the next decade.

In summary, all the members of the BancorpSouth team have shown professionalism and dedication in bringing us to the strong position we enjoy at the end of one decade and the beginning of another. It is likely that we will see more change in the 2010's than we have seen in the decade of the "aughts". It is both an exciting time and a challenging time to be a major provider of financial services. In the final analysis, it's still all about people. It's just that simple. It's about our communities and our clients, our shareholders (a large number of whom are team members and clients), and the dedicated financial services professionals who have made BancorpSouth their vocation.

May you and your family enjoy the fullest blessings and happiness that the new year and new decade can provide.