Jackson-based Trustmark Corp. on Monday said it has completed its previously announced acquisition of Athens, Ala.-based Reliance Bank for $23.7 million in cash.
“We are excited to welcome our newest associates and their customers to the Trustmark family and further expand our franchise in Athens and the surrounding Huntsville area,” said Trustmark President and Chief Executive Gerald R. Host. “Reliance Bank, with seven offices and assets of $201 million, is a great addition to our Alabama franchise.”
At this time, Reliance Bank customers should continue to conduct their banking business as usual, until the completion of system changes during the weekend of June 17. Beginning June 19, Reliance Bank customers will have an expanded offering of products and services, as well as the convenience provided by 193 additional Trustmark banking centers in Alabama, Florida, Mississippi, Tennessee and Texas.
Under terms of the agreement dated Nov. 14, 2016, Trustmark will pay $22 in cash for each share of RB Bancorporation common stock outstanding, which represents total consideration for common shareholders of approximately $23.7 million.