JACKSON, Miss.--(BUSINESS WIRE)--
Trustmark Corporation (NASDAQ:TRMK) (“Trustmark”) today announced the
completion of its previously announced merger with Athens, Alabama based
RB Bancorporation effective as of the close of business on April 7,
2017, as well as the merger of Reliance Bank with and into Trustmark
National Bank.
Gerard R. Host, President and Chief Executive Officer of Trustmark,
commented, “We are excited to welcome our newest associates and their
customers to the Trustmark family and further expand our franchise in
Athens and the surrounding Huntsville area, which is among the most
attractive metropolitan areas in the Southeast. Reliance Bank, with
seven offices and assets of $201 million, is a great addition to our
Alabama franchise.”
Robert F. Harwell, Jr., President and Chief Executive Officer of RB
Bancorporation and Reliance 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 services our customers have come to expect.”
Trustmark and Reliance have worked to ensure a seamless transition and
integration process and will be communicating directly with each
Reliance Bank customer with detailed information concerning the
transition of their accounts to Trustmark. At this time, Reliance Bank
customers should continue to conduct their banking business as usual,
using existing branches, checks and ATM or debit cards until the
completion of system changes during the weekend of June 17. Beginning
June 19, 2017, Reliance Bank customers will have an expanded offering of
products and services, as well as the convenience provided by 193
additional Trustmark banking centers in Alabama, Florida, Mississippi,
Tennessee and Texas.
Under terms of the Merger Agreement dated November 14, 2016, Trustmark
will pay $22.00 in cash for each share of RB Bancorporation common stock
outstanding, which represents total consideration for common
shareholders of approximately $23.7 million. RB Bancorporation common
shareholders will receive a letter of instructions describing the
procedure for exchanging their stock certificates.
Additional Information
Trustmark Corporation is the parent company of Trustmark National Bank,
a financial services company providing banking and financial solutions
through 200 offices in Alabama, 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 conditions in the
housing and real estate markets in the regions in which Trustmark
operates and the extent and duration of the current volatility in the
credit and financial markets as well as crude oil prices, 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, including the potential
impact of issues relating to the European financial system 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,
including those associated with the planned termination of our
noncontributory tax-qualified defined benefit pension plan, greater than
expected costs or difficulties related to the integration of
acquisitions or new products and lines of business, cyber-attacks and
other breaches which could affect our information system security,
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170410005233/en/
Trustmark Corporation
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
Media
Contact:
Melanie A. Morgan, 601-208-2979
Senior Vice President
Source: Trustmark Corporation