Trustmark Completes Merger with BankTrust
Posted on: February 25, 2013
Trustmark Corporation (NASDAQ:TRMK) (“Trustmark”) announced the completion of its merger with Mobile, Alabama-based BancTrust Financial Group, Inc., effective as of the close of business on February 15, 2013, as well as the merger of BankTrust with and into Trustmark National Bank.
Gerard R. Host, President and CEO of Trustmark, stated, “We are delighted to expand the Trustmark franchise across Alabama, including the attractive Mobile, Montgomery and Selma markets, as well as strengthening our franchise along the Florida Panhandle. After months of anticipation and planning, we are excited to welcome our newest clients and associates to the Trustmark family. We have dedicated significant time and resources in preparation for the merger to ensure a seamless transition and integration process and will be communicating directly with each customer with detailed information about the transition of their accounts to Trustmark. At this time, BankTrust customers should continue to conduct their banking business as usual, using existing branches, checks and ATM or debit cards until the completion of system changes during the weekend of March 23-24. Beginning March 25, 2013, BankTrust customers will have an expanded offering of products and services, as well as the convenience provided by more than 170 additional Trustmark banking centers in Florida, Mississippi, Tennessee and Texas.”
Subject to the terms of the merger agreement with BancTrust dated May 28, 2012, Trustmark will issue approximately 2.25 million shares of its common stock for all issued and outstanding shares of BancTrust common stock, with holders of BancTrust common stock receiving 0.125 shares of Trustmark common stock for each share of BancTrust common stock that they owned. BancTrust’s registered shareholders will receive a letter of instructions describing the procedure for exchanging their certificates.
In connection with the merger, Trustmark today completed the purchase of BancTrust’s 50,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Preferred Stock”), along with the Warrant associated with the Preferred Stock, from the U.S. Department of Treasury.