Business Combinations

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Business Combinations

Note 2 – Business Combinations

On November 14, 2016, Trustmark and RB Bancorporation announced the signing of a definitive agreement pursuant to which RB Bancorporation would merge into Trustmark.  RB Bancorporation, with assets of $217.7 million as of December 31, 2016, is the holding company for Reliance Bank, which has seven offices serving the Huntsville, Alabama MSA.  On January 20, 2017, Trustmark announced that all required regulatory approvals have been received in connection with the proposed merger of RB Bancorporation into Trustmark.  

Under the terms of the definitive agreement, which has been approved unanimously by the Boards of Directors of both companies, holders of RB Bancorporation common stock will receive $22.00 in cash for each share; the aggregate value of the transaction is approximately $25.6 million.  Subject to the receipt of shareholder approval of RB Bancorporation and customary closing conditions contained in the merger agreement, the transaction is expected to close during the first half of 2017.  RB Bancorporation’s bank subsidiary, Reliance Bank, will merge into TNB simultaneously with the merger of the respective parent companies.