JACKSON and CARTHAGE — Trustmark Corporation’s wholly-owned subsidiary, Trustmark National Bank, has acquired the banking operations of Heritage Banking Group, Carthage, in a Federal Deposit Insurance Corporation-assisted transaction.
At Dec. 31, 2010, Heritage had approximately $224 million in total assets and $196 million in total deposits. Substantially all loans and other real estate acquired are covered by a loss share agreement in which the FDIC will reimburse Trustmark for 80 percent of the losses incurred. The assets covered by loss sharing agreements total approximately $156 million.
Trustmark National Bank did not acquire any assets or liabilities of Heritage Banking Group’s parent holding company, First Heritage Corporation.
Trustmark purchased Heritage for an asset discount of approximately $23 million and a deposit premium of 0.15 percent. The acquisition is expected to generate a modest one-time gain in the second quarter of 2011 and will be immediately accretive to Trustmark’s earnings per share and tangible book value per share.
Gerard R. Host, president and CEO of Trustmark, said, “Heritage is a 90-year-old financial institution with long-standing customer relationships. With the leading deposit market share in the Carthage-Leake County market, Heritage provides a natural extension of our banking centers in central Mississippi. We look forward to providing Heritage customers with an expanded offering of banking, insurance and wealth management services designed to meet their specific needs.”
All Heritage locations opened at their normal banking hours today as Trustmark locations. Heritage customers should continue to use their existing branches until they receive notice from Trustmark that system changes have been completed.
Source: Trustmark Corporation
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info