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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Trustmark Corporation
Actual Acquirer: Trustmark Corporation
Target: BancTrust Financial Group, Inc.
Deal Type: Bank & Thrift Company
Agreement Date5/28/2012
Announcement Date5/29/2012
Announced Deal Value ($M)55.38
Completion Date2/15/2013
Announced Deal Value Per Share ($)3.08
Consideration Breakout
Cash ($M)52.6
Common Stock ($M)53.3
Common Stock Issued2,245,788
Deal Pricing Ratios
Price / Book (%)86.8120.2
Price / Tangible Book (%)91.5128.5
Price / Earnings (x)NMNM
Price / Deposits (%)3.093.00
Price / Assets (%)2.762.73
Tangible Book Premium/ Deposits (%)(0.37)0.86
Deal Terms
Description of Consideration
Trustmark Corp. exchanged 0.125 shares of its common stock for each outstanding shares of BancTrust Financial Group Inc. Trustmark Corp. also purchased BancTrust preferred stock and associated warrant issued to the U. S. Department of Treasury for an aggregate purchase price of $52.56 million under the Capital Purchase Program.
Accounting MethodAcquisition
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)74,247
Estimated Cost Savings (%)25.00
Estimated Cost Savings ($000)22,958
Est. Restructuring Charges ($000)13,700
Maximum Termination Fee ($000)5,000
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)0.1250
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)33,498
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
BuyerYesWachtell Lipton Rosen & Katz
SellerYesHand Arendall LLC

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