Insurance broker Arthur J. Gallagher has sold its Springfield, Mo., office to BancorpSouth Insurance Services Inc. Terms of the deal were not released.

Purchase of the office, a part of Gallagher's Risk Management Services Inc., was announced by BancorpSouth Insurance, a subsidiary of BancorpSouth Bank, headquartered in Tupelo, Miss. The transaction was effective Dec. 31.

BancorpSouth said the agency will operate as the Southwest Missouri Insurance Group, a division of BancorpSouth Insurance, at its current location in Springfield. The existing staff is expected to remain.

The Springfield firm was established in 1958 as the Jim Morris Sales Company and operated as a local independent agency until its acquisition by Gallagher.

BancorpSouth Chairman and Chief Executive Officer Aubrey Patterson said the acquisition would allow the company to continue its expansion in the insurance brokerage business.

The firm already has a strong presence in the Springfield and St. Louis markets through its existing commercial banking operations. The acquisition will give clients a greater depth of financial services, said Mr. Patterson.

BancorpSouth Inc., the parent company of BancorpSouth Bank, is a holding company with $13.1 billion in assets headquartered in Tupelo.

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Gallagher Sells Mo. Office To BancorpSouth

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