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 Florida Panhandle. 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.
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