Trustmark signs agreement to buy Florida bank
by MBJ Staff
Published: December 1,2011
JACKSON — Trustmark Corporation has signed a definitive agreement to acquire Panama City, Fla.-based Bay Bank & Trust Co.
Under terms of the definitive agreement, the transaction is valued at $22 million, with $10 million of the consideration to be paid in cash and $12 million to be paid in common stock of Trustmark. The consideration represents approximately 85 percent of Bay Bank’s tangible book value as of Sept. 30, 2011. The transaction, which is expected to be completed during the first quarter of 2012, is subject to approval by Bay Bank’s shareholders and regulatory authorities as well as certain other closing conditions.
The transaction is expected to be neutral to Trustmark’s 2012 earnings and tangible book value and accretive in 2013 and beyond.
Bay Bank, with seven offices serving the Panama City, Panama City Beach, and Lynn Haven, Florida markets, reported loans of $121.6 million and deposits of $220.6 million at Sept. 30, 2011.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Fervor grows for Tuscaloosa Marine Shale
- Click Boutique revives Hattiesburg downtown retail district
- LNG facility hoping to begin exporting natural gas
- Doctor's murder-for-hire case postponed, mental evaluation pending
- ACLU could sue over state's new school prayer law
- District at Eastover construction to start later this year
- Hatchery releases largemouth bass fingerlings in three rivers
- Bill exempting small farms from fuel storage regs passes Senate
- Mayor wants 'trial run' of hotel/restaurant tax next month