BancTrust and Trustmark sign definitive merger agreement
The merger between BancTrust and Trustmark is progressing.
A definitive merger agreement has been signed by BancTrust Financial Group and Trustmark Corporation, indicating the progression of business negotiations between the two brands is continuing well.
The tie-up will involve BancTrust merging into Trustmark, with BancTrust common stock shareholders receiving 0.125 shares of Trustmark's stock for every one share they own.
Trustmark chairman Daniel Grafton noted the deal will provide his firm with the opportunity to expand into a number of "attractive Alabama markets", including Montgomery and Mobile.
It should also boost the firm's operations in the Florida Panhandle, he added.
"BancTrust is a respected financial institution with long-standing customer relationships," the specialist stated.
Chief executive officer and president of Trustmark Gerard Host added: "We have completed extensive due diligence, including multiple reviews of BancTrust's loan portfolio and significant real estate collateral."
BancTrust operates throughout the Americas, where it provides investment banking services to a range of clients, including private individuals, corporations and institutions.
Posted by Ken Hayes
Source: Trustmark press release, May 29th