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Trustmark prices public offering

JACKSON — Trustmark Corporation has priced its public offering of 5,405,406 shares of common stock at $18.50 per share. Trustmark has also granted the underwriters a 30-day over-allotment option to purchase up to 810,810 additional shares of common stock.

The offering will generate gross proceeds to the company of $100 million, without giving effect to the potential exercise of the underwriters’ option to purchase additional shares in the next 30 days. The offering is expected to close on or about Dec. 7, 2009, subject to customary closing conditions.

Upon completion of this offering, Trustmark intends to notify the U.S. Treasury of its intent to redeem all 215,000 shares of its outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A. The approval of the U.S. Treasury and the company’s banking regulators is required for the redemption of the Series A Preferred Stock. The company has consulted its banking regulators as to its intent to redeem the Series A Preferred Stock, and the company understands that the U.S. Treasury will also consult these regulators upon receipt of notice from Trustmark of its intent to so redeem. The company can make no assurances as to when, or if, it will receive such approvals. If the company receives such approvals, it expects to fund a portion of such redemption with the net proceeds of the offering. To the extent the company does not use the net proceeds of the offering to redeem the Series A Preferred Stock, it will use the net proceeds for general corporate purposes.

If the company redeems the Series A Preferred Stock, it also intends to seek agreement with the U.S. Treasury to repurchase the warrant to purchase 1,647,931 shares of common stock issued to the U.S. Treasury under its Capital Purchase Program. In order to effect this repurchase, Trustmark must reach agreement with the U.S. Treasury on the fair market value of the warrant. The company can make no assurances as to whether it will in fact reach such agreement and, if so, at what price.

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