US-based financial services company Trustmark has received regulatory approval for its planned acquisition of BancTrust Financial Group, to boost operations in the region.
Satisfying customary closing conditions, the deal which was originally inked in May 2012, is likely to complete on 15 February 2013.
According to the terms of the merger deal, BancTrust common stock holders received 0.125 shares of Trustmark common stock for each share of BancTrust common stock in a tax-free exchange.
Trustmark president and CEO Gerard Host said, "Expansion into attractive Alabama markets, including Mobile and Montgomery, as well as increasing scale in existing Florida Panhandle markets, represents a great opportunity for Trustmark."
BankTrust customers will continue to perform banking business using existing branches, checks and ATM or debit cards, until the completion of system changes planned by the end of the first quarter of 2013.
Trustmark received advice from Sandler O’Neill + Partners, as well as the law firm Wachtell, Lipton, Rosen & Katz.
The company delivers banking and financial services through nearly 170 branches in Florida, Mississippi, Tennessee and Texas.
Headquartered in Mobile, Alabama, BancTrust has assets of $2bn and caters numerous traditional financial services through 40 bank offices in the southern two-thirds of Alabama and nine bank offices in northwest Florida.