Trustmark to Buy Oxford Bank
JACKSON, Miss. — Trustmark National Bank, a subsidiary of Trustmark Corporation (NASDAQ:TRMK), today announced the signing of a definitive Branch Purchase and Assumption Agreement pursuant to which it will acquire the two branches of SOUTHBank, F.S.B., serving the Oxford, Mississippi, market. The Agreement contemplates the assumption of selected deposit accounts of approximately $11.8 million as well as the purchase of the physical branch offices. The proposed transaction, which is subject to regulatory approval and customary closing conditions, is expected to be completed during the summer of 2013.
Gerard R. Host, President and CEO of Trustmark, stated, “We look forward to welcoming the Oxford customers and associates of SOUTHBank to the Trustmark family. This transaction provides our existing Oxford customers with the added convenience of well-positioned banking offices on the Courthouse Square and Jackson Avenue. We will be communicating directly with each deposit customer of SOUTHBank’s Oxford offices with detailed information about the transition of their deposit accounts to Trustmark. At this time, SOUTHBank and Trustmark customers should continue to conduct their banking business as usual, using existing branches, checks and ATM or debit cards. Following system changes and conversion, customers of SOUTHBank’s Oxford offices will have an expanded offering of products and services, as well as the added convenience provided by approximately 220 Trustmark banking centers in Alabama, Florida, Mississippi, Tennessee and Texas.”
Trustmark Corporation is a financial services company providing banking and financial solutions through approximately 220 offices in Alabama, Florida, Mississippi, Tennessee and Texas.