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Gerald Host, Trustmark's CEO, expressed confidence in his company's purchase of BancTrust despite some analysts' concerns about the seller's weak deposit positions in key Alabama markets.
May 29 -
BancTrust Financial Group in Mobile has put itself on the block, and as many as a half dozen banks could pursue it. The bidding process could foretell a lot about the appetite for small, complex deals everywhere.
March 26
Trustmark (TRMK) in Jackson, Miss., needs up to two extra months to complete its acquisition of BancTrust Financial Group (BTFG) in Mobile, Ala., while it awaits the OK from regulators.
The companies have agreed to extend the latest possible closing date of the deal from Dec. 31 to Feb. 28. The extension provides "additional time in which to receive regulatory approval as well as to ensure a smooth transition and operational conversion to Trustmark systems in early 2013," the companies said in a news release Tuesday. All other aspects of the agreement remain the same, the companies said.
The companies anticipate regulatory approvals later this year or in early 2013 with a planned closing in late January but no later than Feb. 28, Gerard R. Host, president and chief executive of Trustmark, said in a news release.
The $2 billion-asset BancTrust said in May that it would
In March, BancTrust had to
This would have been Trustmark's second deal this year. It