The Federal Deposit Insurance Corp. has downgraded the Community Reinvestment Act rating for BancorpSouth in Tupelo, Miss.
The $14 billion-asset company
The FDIC's last CRA evaluation was conducted in 2013.
BancorpSouth noted in its filing that a CRA evaluation is "a factor that the FDIC considers when reviewing applications…to acquire, merge, or consolidate with another banking institution," among other things. The Federal Reserve Board also takes a bank's CRA rating into account when reviewing merger applications.
BancorpSouth said in its filing that it likely "will be unable" to obtain approvals for two pending bank acquisitions — Ouachita Bancshares in Monroe, La., and Central Community Corp. in Temple, Texas — until its CRA rating is upgraded.
The company's next CRA exam is set to take place next year.