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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Trustmark Corporation
Actual Acquirer: Trustmark National Bank
Target: Republic Bancshares of Texas, Inc.
Deal Type: Bank & Thrift Company
Agreement Date4/13/2006
Announcement Date4/13/2006
Announced Deal Value ($M)201.87
Completion Date8/25/2006
Announced Deal Value Per Share ($)43.33
Consideration Breakout
Cash ($M)100.2
Common Stock ($M)104.3
Common Stock Issued3,300,000
Deal Pricing Ratios
Price / Book (%)465.0471.2
Price / Tangible Book (%)465.0471.2
Price / Earnings (x)28.128.5
Price / Deposits (%)34.2434.70
Price / Assets (%)30.8731.28
Tangible Book Premium/ Deposits (%)35.4936.09
Deal Terms
Description of Consideration
Trustmark Corp. paid $43.8089 in cash or exchanged 1.3908 shares for each outstanding common stock of Republic Bancshares. Trustmark initially agreed to pay $44.00 in cash or exchange 1.3968 shares of its common stock.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)154,490
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)1,500
Maximum Termination Fee ($000)7,000
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)1.3908
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NM
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)19,300
Additional Deal Information
Est. Cost
Est. Cost
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesSandler O'Neill & Partners LP
SellerYesKeefe Bruyette & Woods Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBrunini Grantham Grower Hewes
SellerYesBracewell & Giuliani LLP

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