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FDIC Retro Actively Downgrades CRA Rating
On Thursday, August, 11, 2016, the Federal Deposit Insurance Corporation (FDIC) announced it was retroactively downgrading BancorpSouth’s Community Reinvestment Act (CRA) rating from “satisfactory” to “needs to improve,” due to the bank’s entry into a Consent Order on June 29, 2016 with the United States Department of Justice and the CFPB to settle and resolve alleged violations of the Equal Credit Opportunity Act and the Fair Housing Act. The bank disclosed the downgrade in its 8-K filing on Monday, August 15, 2016. This unique action will likely preclude the bank from obtaining the necessary regulatory approvals needed to complete the two pending mergers with Ouachita Bancshares Corporation and Central Community Corporation.