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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Trustmark Corporation
Actual Acquirer: Trustmark National Bank
Target: Bay Bank & Trust Co.
Deal Type: Bank & Thrift Company
Agreement Date11/30/2011
Announcement Date11/30/2011
Announced Deal Value ($M)23.95
StatusCompleted
Completion Date3/16/2012
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)10.0
Common Stock ($M)12.7
Common Stock Issued510,000
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)92.888.7
Price / Tangible Book (%)92.888.7
Price / Earnings (x)NMNM
Price / Deposits (%)10.8511.00
Price / Assets (%)9.699.77
Tangible Book Premium/ Deposits (%)(1.00)(1.66)
Deal Terms
Description of Consideration
Trustmark Corp. paid $12.78 in cash per share and issued 510,000 shares of its common stock to acquire Bay Bank & Trust Co. Exchange ratio was subject to adjustment based on the average closing price of Trustmark, if average closing price had been less than $17.60, the exchange ratio would have been fixed at 0.8711.
Accounting MethodAcquisition
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)2,589
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)7,017
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1NeutralNANANANA
2AccretiveNANANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesSandler O'Neill & Partners LP

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBrunini Grantham Grower Hewes
SellerYesHaskell Slaughter Young

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