Trustmark to acquire Oxford’s two SOUTHBank locations

March 29, 2013

Banking & Finance

Just off the closing of its acquisition of Mobile-based BancTrust Financial Group and its 49 Alabama branches, Trustmark National Bank has agreed to buy the two Oxford locations of SOUTHBank, F.S.B.

Under the agreement, Trustmark would acquire deposits of the two locations totaling about $11.8 million and the office buildings at 106 Court House Square and 714 Jackson Ave. The deal does not include other assets held by Huntsville-based SOUTHBank, which has locations in Alabama, Tennessee, Arkansas and two additional Mississippi locations in Corinth.

The Oxford federal savings banks will be converted into Trustmark National Bank retail locations. The acquisition is expected to be completed this summer.

The $10 billion Trustmark expanded its Alabama presence last month with a closing and merger of its offices with the 49-branch Bank Trust. That deal was valued at around $55.8 million, including $50 million in preferred stock Bank Trust provided the U.S. Treasury as part of TARP.

Trustmark also has completed its $22 million acquisition of Bay Bank & Trust and its seven Florida offices serving the Panama City, Panama City Beach, and Lynn Haven markets.

Trustmark now has 230 branches in five states.

 

 

 

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