Trustmark and RB Bancorporation signed a definitive agreement merging RB Bancorporation into Trustmark.
RB Bancorporation, with assets of $210 million, is the holding company for Reliance Bank, which has seven offices serving the Huntsville, AL region.
Under the terms of the definitive agreement, which has been approved unanimously by the boards of directors of both companies, holders of RB common stock will receive $22.00 in cash for each share of RB; the aggregate value of the transaction is approximately $25.6 million.
The transaction, which is subject to satisfaction of customary closing conditions, including the approval of RB shareholders and regulatory authorities, is expected to be completed in the first half of 2017. RB’s bank subsidiary, Reliance Bank, will merge into Trustmark National Bank simultaneously with the merger of the respective parent companies.
Gerard R. Host, president and CEO of Trustmark, commented, “We are excited to further expand our Alabama franchise in Athens and the surrounding Huntsville area, which is among the most attractive metropolitan areas in the Southeast. Reliance Bank’s management team possesses in-depth knowledge of the Huntsville market and is committed to customer satisfaction. In addition to their solid customer base and attractive Huntsville market, the transaction is a natural expansion of our Alabama franchise.”
Trustmark is the parent company of Trustmark national Bank, which provides banking services through 194 offices in Alabama, Florida, Mississippi, Tennessee and Texas.