JACKSON, Miss.--(BUSINESS WIRE)--Aug. 28, 2006--
Trustmark Corporation (NASDAQ:TRMK) announced the
completion of its merger with Houston-based Republic Bancshares of
Texas, Inc., and the merger of Republic National Bank into Trustmark
National Bank effective at the close of business on August 25, 2006.
Richard G. Hickson, Chairman and CEO of Trustmark stated, "We are
delighted to expand the Trustmark franchise within the dynamic Houston
market and welcome our newest clients and associates to the Trustmark
family. Republic, with six banking centers and $474 million in loans
and $543 million in deposits at June 30, 2006, significantly enhances
Trustmark's Houston market presence. Loans and deposits at June 30,
2006 in the Houston market for both companies totaled $710 million and
$705 million, respectively," said Hickson.
"The Houston market continues to be a strategic focus of
Trustmark. As such, we dedicated significant time and resources in
preparation for the merger to ensure a seamless transition and
integration process. We also refined our plans to build an enhanced
retail, mortgage banking and wealth management platform in Houston to
complement Republic's strong middle-market commercial lending base.
Today, Trustmark has 11 banking centers serving the greater Houston
market. Reflecting our commitment to provide expanded banking and
financial solutions, we anticipate opening six additional banking
centers during the next three to 18 months in Houston," said Hickson.
C. P. "Chip" Bryan, Chairman and CEO of Trustmark-Texas,
commented, "We are excited to become part of the Trustmark
organization and look forward to providing our customers a
comprehensive product offering that includes banking, wealth
management and risk management solutions. As a result of our
affiliation with Trustmark, we are positioned to strengthen customer
relationships and build market share in Houston."
Under terms of the merger agreement dated April 13, 2006,
Trustmark will issue approximately 3.3 million shares of its common
stock and pay approximately $100 million in cash for all of the
outstanding common and preferred shares of Republic Bancshares of
Texas, Inc. Republic shareholders will receive a letter of
instructions describing the procedure for exchanging their
certificates.
Trustmark is a financial services company providing banking and
financial solutions through over 150 offices and 2,700 associates in
Florida, Mississippi, Tennessee and Texas. For additional information,
visit our website at www.trustmark.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document are not statements
of historical fact and constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to,
statements relating to anticipated future operating and financial
performance measures, including net interest margin, credit quality,
business initiatives, growth opportunities and growth rates, among
other things and encompass any estimate, prediction, expectation,
projection, opinion, anticipation, outlook or statement of belief
included therein as well as the management assumptions underlying
these forward-looking statements. Should one or more of these risks
materialize, or should any such underlying assumptions prove to be
significantly different, actual results may vary significantly from
those anticipated, estimated, projected or expected.
These risks could cause actual results to differ materially from
current expectations of Management and include, but are not limited
to, changes in the level of nonperforming assets and charge-offs,
local, state and national economic and market conditions, material
changes in market interest rates, the costs and effects of litigation
and of unexpected or adverse outcomes in such litigation, competition
in loan and deposit pricing, as well as the entry of new competitors
into our markets through de novo expansion and acquisitions, changes
in existing regulations or the adoption of new regulations, natural
disasters, acts of war or terrorism, changes in consumer spending,
borrowings and savings habits, technological changes, changes in the
financial performance or condition of Trustmark's borrowers, the
ability to control expenses, changes in Trustmark's compensation and
benefit plans, greater than expected costs or difficulties related to
the integration of the Republic Bancshares of Texas merger, greater
than expected costs or difficulties related to the integration of new
products and lines of business and other risks described in Trustmark
Corporation's filings with the Securities and Exchange Commission.
Although Management believes that the expectations reflected in
such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct. 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.
Source: Trustmark Corporation
Contact: Trustmark Corporation
Investors:
Zach Wasson, 601-208-6816
or
Joseph Rein, 601-208-6898
or
Media:
Gray Wiggers, 601-208-5942