OXFORD — Trustmark National Bank, a subsidiary of Trustmark Corporation, has signed a definitive branch purchase and assumption agreement pursuant to which it will acquire the two branches of SOUTHBank, F.S.B., serving the Oxford market.
The agreement contemplates the assumption of selected deposit accounts of approximately $11.8 million as well as the purchase of the physical branch offices. The proposed transaction, which is subject to regulatory approval and customary closing conditions, is expected to be completed during the summer of 2013.
Terms were not disclosed.
Gerard R. Host, president and CEO of Jackson-based Trustmark, said, “We look forward to welcoming the Oxford customers and associates of SOUTHBank to the Trustmark family. This transaction provides our existing Oxford customers with the added convenience of well-positioned banking offices on the Courthouse Square and Jackson Avenue.”