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BancorpSouth Closes Buyout of Alexander & Sanders Insurance

BancorpSouth Closes Buyout of Alexander & Sanders Insurance

BancorpSouth Bank BXS recently announced the acquisition of the assets of Alexander & Sanders Insurance Agency, Inc. The company completed the deal through its subsidiary, BXS Insurance, Inc. The terms of deal have not been disclosed yet.

The Baton Rouge, LA-based Alexander & Sanders Insurance is a provider of risk management and insurance services to professional firms across Louisiana over the past few decades. Post the acquisition’s closure, Alexander & SandersInsurance will continue its operations from BXS Insurance’s Baton Rouge, LA office.

Markham McKnight, president and chief executive officer of BXS Insurance said, “This transaction allows us to add talented leaders and teammates to our team and provides a unique opportunity to enhance our construction practice within Louisiana and across BXS Insurance’s footprint.”

Aided by its solid liquidity position, BancorpSouth has been making strategic investments through mergers and acquisitions (M&As). In recent years, the company has maintained an acquisition spree, fortifying its footprint in various areas. In January 2020, the company completed the acquisition of Texas First Bancshares, and expanded presence geographically, while in September 2019, it completed its mergers with Van Alstyne Financial Corporation and Summit Financial Enterprises. Moreover, the company looks forward to tap similar opportunities in the future as well.

Shares of this Zacks Rank #3 (Hold) company have depreciated 18.8% over the past year compared with the industry’s decline of 20.2%. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

So far this year, consolidations in the banking sector have been few and far between, as the pandemic and the resultant economic slowdown have put brakes on the same. Nonetheless, a few notable deals this year include CapStar Financial Holdings, Inc.’s CSTR merger with Tennessee-based FCB Corporation, and First Horizon National Corporation FHN and IBERIABANK Corporation’s all-stock merger of

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BXS Insurance Announces Acquisition of Alexander & Sanders Insurance

BXS Insurance Announces Acquisition of Alexander & Sanders Insurance

BATON ROUGE, La., Oct. 8, 2020 /PRNewswire/ — BXS Insurance, Inc., a subsidiary of BancorpSouth Bank (NYSE: BXS), has acquired the assets of Alexander & Sanders Insurance Agency, Inc.

Alexander & Sanders, headquartered in Baton Rouge, Louisiana, provides risk management and insurance services to professional firms across Louisiana. It was founded in 1958 and is owned by Wyatt Sanders and Justin Sanders. Alexander & Sanders will operate from BXS Insurance’s Baton Rouge, Louisiana office.

“This transaction allows us to add talented leaders and teammates to our team and provides a unique opportunity to enhance our construction practice within Louisiana and across BXS Insurance’s footprint,” said Markham McKnight, president and CEO of BXS Insurance. “We’re excited to blend Alexander & Sanders’ expertise with ours to provide exceptional services for our clients.”

Wyatt Sanders stated, “We’re proud to have served Louisiana professionals for more than 60 years, and we’re pleased that we’ve found the right partner to continue our legacy for the years to come. This will be a great opportunity for our customers and our team.”

Justin Sanders added, “We’re looking forward to joining forces with BXS Insurance and leveraging its expansive resources to provide our customers with expanded insurance and risk management solutions.”

About BXS Insurance, Inc.
BXS Insurance, Inc. is a subsidiary of publicly-traded financial services company BancorpSouth Bank (NYSE: BXS) and is licensed in all 50 states. For more than 130 years, this large, nationally recognized firm has strategically grown to 31 offices across eight states. It operates globally as a member of the Worldwide Brokers Network, the fourth largest insurance network in the world. From small companies to organizations with more than 10,000 employees, BXS Insurance delivers the highest standard in brokerage services. It has become an industry leader in commercial insurance,

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