Business Combinations

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Business Combinations

Note 2 – Business Combinations

On April 7, 2017, Trustmark Corporation completed its merger with RB Bancorporation.  RB Bancorporation, with assets of $201.2 million as of March 31, 2017, was the holding company for Reliance Bank, which had seven offices serving the Huntsville, Alabama metropolitan service area (MSA). Reliance Bank was merged into Trustmark National Bank simultaneously with the merger of Trustmark and RB Bancorporation. Under the terms of the Merger Agreement dated November 14, 2016, Trustmark paid $22.00 in cash for each share of RB Bancorporation common stock outstanding, which represented total consideration for RB Bancorporation common shareholders of approximately $23.7 million.  

Trustmark will incur approximately $3.0 million of one-time expenses related to the merger with RB Bancorporation.  The estimated fair values of RB Bancorporation’s assets and liabilities are currently being determined and will be subject to refinement as additional information relative to the closing date fair values become available through the measurement period, which is not to exceed one year from the acquisition date of April 7, 2017.  

The merger with RB Bancorporation was consistent with Trustmark’s strategic plan to selectively expand the Trustmark franchise and enhance the Trustmark franchise in north Alabama.