LAFAYETTE, La., Jan. 22 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc.'s ("MidSouth") (NYSE Amex: MSL) recent public offering of common stock, which was increased in size to accommodate strong investor demand, highlights the capital market's interest in successful community banks such as MidSouth which are likely to play a more important industry role as Congress looks to reform the financial industry to address the causes of the current financial crisis uncovered by The Financial Crisis Inquiry Commission ("FCIC") which held its first public hearings last week .
The net proceeds from the offering of $37.3 million will be used by MidSouth for ongoing and anticipated growth, which may include potential acquisition opportunities in Southeastern markets, as well as for general corporate purposes. "The overwhelming interest and successful results of this offering are very gratifying," commented MidSouth's President and Chief Executive Officer, C. R. "Rusty" Cloutier. "While our track record for sound banking got investors' attention, it's important to note that those savvy investors also see tremendous value in Louisiana's and Texas' economies compared with the rest of the nation."
Mr. Cloutier, having previously addressed Congress on industry issues related to community banks, returned to Washington last week to speak with the FCIC on behalf of the Independent Community Bankers of America noted, "The work of the FCIC is important to help Congress pass meaningful financial reform to rein-in the financial behemoths and the shadow financial industry to ensure that a crisis like this will never happen again. There is a world of opportunity out there for community banks like MidSouth, who understand their customer's needs and are working hard to ensure their access to credit."
MidSouth will be reporting its financial results for the year ended December 31, 2009 on Thursday, January 28, 2010 after market hours.
About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a bank holding company headquartered in Lafayette, Louisiana with assets of $948 million as of September 30, 2009. Through our wholly owned subsidiary, MidSouth Bank, N.A., we offer a full range of banking services to commercial and retail customers in south Louisiana and southeast Texas. MidSouth Bank has 35 locations in Louisiana and Texas and more than 50 ATMs.
Forward-Looking Statements Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements include, among others, statements regarding proposed regulatory reforms, the impact of any such reforms on MidSouth, and potential acquisitions. Actual results may differ materially from the results anticipated in these forward-looking statements. Factors that might cause such a difference include, among other matters, the timing and terms of regulatory changes, if any, changes in the economies of MidSouth's market areas, MidSouth's ability to identify acquisition targets and successfully complete any such acquisition; and other factors discussed under the heading "Risk Factors" in MidSouth's Registration Statement on Form S-1/A filed with the SEC on December 9, 2009 and in its other filings with the SEC. MidSouth does not undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise, except as required by law.
SOURCE MidSouth Bancorp