JACKSON, Miss.--(BUSINESS WIRE)--
Trustmark Corporation (NASDAQ:TRMK) announced that its wholly-owned
subsidiary, Trustmark National Bank, has acquired the banking operations
of Heritage Banking Group, Carthage, Mississippi, (“Heritage”) in a
Federal Deposit Insurance Corporation (“FDIC”) assisted transaction. At
December 31, 2010, Heritage Banking Group had approximately $224 million
in total assets and $196 million in total deposits. Substantially all
loans and other real estate acquired are covered by a loss share
agreement in which the FDIC will reimburse Trustmark for 80% of the
losses incurred. The assets covered by loss sharing agreements total
approximately $156 million. Trustmark National Bank did not acquire any
assets or liabilities of Heritage Banking Group’s parent holding
company, First Heritage Corporation. Trustmark purchased Heritage for an
asset discount of approximately $23 million and a deposit premium of
0.15%. The acquisition is expected to generate a modest one-time gain in
the second quarter of 2011 and will be immediately accretive to
Trustmark’s earnings per share and tangible book value per share.
Gerard R. Host, President and Chief Executive Officer of Trustmark,
commented, “Heritage is a 90 year old financial institution with
long-standing customer relationships. With the leading deposit market
share in the Carthage-Leake County market, Heritage provides a natural
extension of our banking centers in central Mississippi. We look forward
to providing Heritage customers with an expanded offering of banking,
insurance and wealth management services designed to meet their specific
needs.”
All Heritage locations will open at their normal banking hours on
Monday, April 18, 2011 as Trustmark locations. Heritage clients will
continue to be able to conduct banking business, including accessing
their money by writing checks and using ATM or debit cards. All
outstanding checks will be processed as usual and customers can continue
using their Heritage checks. Heritage customers should continue to use
their existing branches until they receive notice from Trustmark that
system changes have been completed. At that point, Heritage customers
will have the added convenience provided by more than 150 Trustmark
banking centers in Mississippi, Florida, Tennessee and Texas.
Trustmark was advised by the investment banking firm of Sandler O’Neill
+ Partners, L.P., as well as the law firm of Brunini, Grantham, Grower &
Hewes, PLLC.
ADDITIONAL INFORMATION
Heritage customers with questions regarding their accounts should
contact their local branch, visit www.trustmark.com/heritage,
or call 800-243-2524.
Trustmark is a financial services company providing banking and
financial solutions through over 150 offices in Florida, Mississippi,
Tennessee and Texas.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify forward-looking statements by words
such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “believe,” “estimate,” “predict,” “potential,” “continue,”
“could,” “future” or the negative of those terms or other words of
similar meaning. You should read statements that contain these words
carefully because they discuss our future expectations or state other
“forward-looking” information. 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. You should be
aware that the occurrence of the events described under the caption
“Risk Factors” in Trustmark’s filings with the Securities and Exchange
Commission could have an adverse effect on our business, results of
operations and financial condition. 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.
Risks that could cause actual results to differ materially from current
expectations of Management include, but are not limited to, changes in
the level of nonperforming assets and charge-offs, local, state and
national economic and market conditions, including the extent and
duration of the current volatility in the credit and financial markets,
changes in our ability to measure the fair value of assets in our
portfolio, material changes in the level and/or volatility of market
interest rates, the performance and demand for the products and services
we offer, including the level and timing of withdrawals from our deposit
accounts, the costs and effects of litigation and of unexpected or
adverse outcomes in such litigation, our ability to attract
noninterest-bearing deposits and other low-cost funds, competition in
loan and deposit pricing, as well as the entry of new competitors into
our markets through de novo expansion and acquisitions, economic
conditions and monetary and other governmental actions designed to
address the level and volatility of interest rates and the volatility of
securities, currency and other markets, the enactment of legislation and
changes in existing regulations, or enforcement practices, or the
adoption of new regulations, changes in accounting standards and
practices, including changes in the interpretation of existing
standards, that affect our consolidated financial statements, changes in
consumer spending, borrowings and savings habits, technological changes,
changes in the financial performance or condition of our borrowers,
changes in our ability to control expenses, changes in our compensation
and benefit plans, greater than expected costs or difficulties related
to the integration of new products and lines of business, natural
disasters, environmental disasters, acts of war or terrorism and other
risks described in our filings with the Securities and Exchange
Commission.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance that
such expectations will prove to be correct. Except as required by law,
we undertake 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 Investor Contacts:
Louis E. Greer
Treasurer
and
Principal Financial Officer
601-208-2310
or
F.
Joseph Rein, Jr.
Senior Vice President
601-208-6898
or
Trustmark
Media Contact:
Melanie A. Morgan
Senior Vice President
601-208-2979