Trustmark completes acquisition of Florida bank
by MBJ Staff
Published: March 19,2012
JACKSON — Trustmark Corporation’s subsidiary, Trustmark National Bank, has completed its previously announced merger with Bay Bank & Trust Co., Panama City, Fla.
Gerard R. Host, president and CEO of Trustmark, said, “We are pleased to welcome the customers and associates of Bay Bank to the Trustmark family. Bay Bank, with seven offices and $116.9 million in loans and $206.6 million in deposits at Dec. 31, 2011, significantly enhances our presence in the Florida Panhandle. Together, Bay Bank and Trustmark have the second largest deposit market share in Bay County, Florida.”
Bay Bank customers should continue to conduct their banking business as usual, using existing branches, checks and ATM or debit cards, until receiving notice from Trustmark that system changes have been completed, which is expected to occur April 14. At that point, Bay Bank customers will have an expanded offering of products and services, as well as the added convenience provided by more than 150 Trustmark banking centers in Florida, Mississippi, Tennessee and Texas.
Under terms of the merger agreement dated Nov. 30, 2011, Trustmark will issue approximately 510,000 shares of its common stock and pay $10 million in cash for all of the outstanding common stock of Bay Bank & Trust Co. Bay Bank shareholders will receive a letter of instructions describing the procedure for exchanging their certificates.
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