JACKSON, Miss.--(BUSINESS WIRE)--
Trustmark Corporation (NASDAQ:TRMK) announced today that its subsidiary,
Trustmark National Bank, completed its previously announced merger with
Bay Bank & Trust Co., Panama City, Florida, effective at the close of
business on March 16, 2012. Gerard R. Host, President and CEO of
Trustmark stated, “We are pleased to welcome the customers and
associates of Bay Bank to the Trustmark family. Bay Bank, with seven
offices and $116.9 million in loans and $206.6 million in deposits at
December 31, 2011, significantly enhances our presence in the FloridaPanhandle. Together, Bay Bank and Trustmark have the second largest
deposit market share in Bay County, Florida.”
E. Clay Lewis, Vice Chairman of Bay Bank stated, “We are delighted to
join the Trustmark organization and look forward to providing our
customers with a broader range of financial services while continuing to
provide the high level of service our customers have come to expect. I
am also pleased to announce that Jay Hindsman has been named President
for the Bay Bank division of Trustmark.”
Bay Bank customers should continue to conduct their banking business as
usual, using existing branches, checks and ATM or debit cards, until
receiving notice from Trustmark that system changes have been completed,
which is expected to occur on April 14, 2012. At that point, Bay Bank
customers will have an expanded offering of products and services, as
well as the added convenience provided by more than 150 Trustmark
banking centers in Florida, Mississippi, Tennessee and Texas.
Under terms of the merger agreement dated November 30, 2011, Trustmark
will issue approximately 510 thousand shares of its common stock and pay
$10 million in cash for all of the outstanding common stock of Bay Bank
& Trust Co.Bay Bank shareholders will receive a letter of instructions
describing the procedure for exchanging their certificates.
Additional Information
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 in this report 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 acquisitions or 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.
Trustmark Investor Contacts:
Louis E. Greer, 601-208-2310
Treasurer
and Principal Financial Officer
or
F. Joseph Rein, Jr.,
601-208-6898
Senior Vice President
or
Trustmark Media
Contact:
Melanie A. Morgan, 601-208-2979
Senior Vice
President
Source: Trustmark Corporation