JACKSON, Miss.--(BUSINESS WIRE)--Dec. 9, 2003--Trustmark
Corporation (NASDAQ:TRMK) and Allied Houston Bank, Houston, Texas,
announced the signing of a definitive Branch Purchase and Assumption
Agreement pursuant to which Trustmark National Bank will acquire five
branches of Allied Houston Bank serving the greater Houston market for
a $10 million deposit premium.
The Agreement contemplates the assumption of selected deposit
accounts of approximately $160 million, the purchase of selected loan
accounts of approximately $158 million and the operation of five
Allied Houston Bank branch locations. At November 30, 2003, Allied
Houston Bank deposits and loans totaled approximately $198 million and
$178 million, respectively. The proposed transaction, which is subject
to approval by regulatory authorities and Allied Houston shareholders,
is expected to close during the first quarter of 2004.
Richard G. Hickson, Chairman and CEO of Trustmark, stated, "We are
delighted to expand the Trustmark franchise into the dynamic Houston
market. The associates of Allied Houston Bank share our dedication to
providing superior customer satisfaction. The customers of these
branches and the demographics of this market represent an outstanding
opportunity for Trustmark. We look forward to growing our franchise in
this most desirable market."
George R. Farish, Chairman of Allied Houston Bank, commented,
"This is a significant transaction for Allied Houston Bank and our
shareholders. Trustmark will be gaining five excellent branch
locations with outstanding employees and a solid customer base."
In order to facilitate its entry into Texas, Trustmark has signed
a definitive agreement to acquire an existing Texas state bank charter
from an unrelated party. The merger of the Texas state bank charter
into Trustmark National Bank will provide Trustmark the authority to
conduct business throughout Texas. Trustmark will not be acquiring any
loans or deposits as part of the charter acquisition, which is subject
to regulatory approval and expected to be completed early in the first
quarter of 2004.
Trustmark is a financial services company providing banking and
financial solutions through over 140 offices and 2,350 associates in
Mississippi, Tennessee and Florida. For additional information, visit
Trustmark's web site at www.trustmark.com.
Forward Looking Statements by Trustmark Corporation
This press release contains forward-looking statements within the
meaning of and pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. A forward-looking statement
in this press release encompasses any estimate, prediction,
expectation, projection, opinion, anticipation, outlook or statement
of belief included therein, as well as the management assumptions
underlying those forward-looking statements. Factors that might cause
future results to differ from such forward-looking statements are
described in Trustmark's filings with the Securities and Exchange
Commission. Trustmark undertakes no obligation to update or revise any
of this information, whether as the result of new information, future
events or developments, or otherwise.
CONTACT: Trustmark Corporation, Jackson
Investors:
Zach Wasson, 601-208-6816
or
Media:
Gray Wiggers, 601-208-5942
SOURCE: Trustmark Corporation