Trustmark Corporation (NASDAQ:TRMK) (“Trustmark”) and RB Bancorporation announced today the signing of a definitive agreement pursuant to which RB Bancorporation would merge into Trustmark. RB Bancorporation, with assets of $210 million, is the holding company for Reliance Bank, which has seven offices serving the Huntsville, Alabama MSA.
Under the terms of the definitive agreement, which has been approved unanimously by the Boards of Directors of both companies, holders of RB Bancorporation common stock will receive $22.00 in cash for each share of RB Bancorporation; the aggregate value of the transaction is approximately $25.6 million. The transaction, which is subject to satisfaction of customary clos ing conditions, including the approval of RB Bancorporation shareholders and regulatory authorities, is expected to be completed in the first half of 2017. RB Bancorporation’s bank subsidiary, Reliance Bank, will merge into Trustmark National Bank simultaneously with the merger of the respective parent companies.
Gerard R. Host, President and Chief Executive Officer of Trustmark, commented, “We are excited to further expand our Alabama franchise in Athens and the surrounding Huntsville area, which is among the most attractive metropolitan areas in the Southeast. Reliance Bank’s management team possesses in-depth knowledge of the Huntsville market and is committed to customer satisfaction. In addition to their solid c ustomer base and attractive Huntsville market, the transaction is a natural expansion of our Alabama franchise.”
Robert F. Harwell, Jr., President and Chief Executive Officer of RB Bancorporation and Reliance Bank, stated, “We are pleased to partner with an organization that has a long and distinguished history of leadership in community banking and shares our customer focus. We look forward to joining Trustmark and providing our customers additional financial solutions to meet their specific needs.”
Brunini, Grantham, Grower & Hewes, PLLC served as Trustmark’s legal advisor. SEACAP Financial, Inc. acted as financial advisor and Balch & Bingham LLP served as legal advisor to RB Bancorporation.
Trustmark Corporation is the parent company of Trustmark National Bank, a financial services company providing banking and financial solutions through 194 offices in Alabama, Florida, Mississippi, Tennessee and Texas.
RB Bancorporation is the parent company of Reliance Bank, which has seven offices serving the Huntsville, Alabama MSA.
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