BOLTON – Congressman Bennie Thompson (D-MS) recently met with Mayor R.L. Perkins, of Edwards, and Mayor Mark Morgan, of Utica, to discuss disappointments over Bancorp South’s decision to close their branches within these municipalities. The consensus of both cities’ leaders was that Bancorp South had abandoned their towns, without appropriate notice, leaving them without convenient banking services.
“These banks have stood as pillars of financial stability to these communities for over ten years,” Thompson said. “It would be a failed commitment on the side of Bancorp South to close these facilities and negate the years of faithful investments offered by these neighborhoods.”
Both mayors and other key city officials said they received little or no correspondence from Bancorp South about the closures and felt the bank’s actions were inconsiderate and unprofessional.
Congressman Thompson’s office is exploring all options to prevent the closures.
“For my constituents, what will be loss are local banks focused on “relationship banking,” that base decisions on personal knowledge of customers’ creditworthiness and a keen understanding of business conditions in the communities they serve,” Thompson said.
“They provide invaluable financial services-for which there are few, if any, substitutes-to some key sectors of the economy. Bancorp South is the only bank to serve these areas and closing these sites would force some patrons and customers to travel nearly 45 minutes for financial assistance,” Thompson said further.
BancorpSouth Inc. of Tupelo announced plans to close the Edwards and Utica branches this summer, as part of a consolidation effort.
In all, Thompson said the company will shutter 23 bank branches in six states, reaping about $4.4 million annually in expense savings beginning with the end of 2011.
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