TUPELO, Miss., Sept. 14, 2021 /PRNewswire/ -- BancorpSouth Bank (NYSE: BXS) is pleased to announce that its subsidiary BXS Community Fund, LLC, which is a Community Development Entity ("CDE"), has been awarded a $50 million New Markets Tax Credit (NMTC) allocation that will spur investments and economic growth in low-income urban and rural communities.
BXS Community Fund is one of 100 CDEs, selected from a pool of 208 nationwide applicants, to receive a tax credit allocation, administered by the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).
"We're pleased to receive this award to assist with our efforts to increase investments in disadvantaged businesses and communities while providing highly accessible jobs, health care and access to fresh foods," said BancorpSouth President and COO Chris Bagley.
The NMTC allocation will be used to provide capital to high-impact projects throughout the Southeast, focusing on the following areas:
- Manufacturing/industrial businesses that create quality and accessible jobs;
- Providing healthcare to underserved communities; and
- Groceries that increase access to healthy foods.
All projects will be located in highly distressed, low-income communities as defined by the CDFI Fund. To learn more about BXS Community Fund, please contact BancorpSouth Tax Credit Manager Will Shurtleff at 601-607-4597 or firstname.lastname@example.org.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $28 billion in assets. BancorpSouth operates approximately 315 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Georgia, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth is committed to a culture of respect, diversity, and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at www.bancorpsouth.com; "Like" us on Facebook; follow us on Twitter and Instagram: @MyBXS; or connect with us through LinkedIn.
SOURCE BancorpSouth Bank