In this transaction, Trustmark National Bank did not acquire any assets or liabilities of Heritage Banking Group’s parent holding company, First Heritage.
As of 31 December 2010, Heritage Banking had approximately $224m in total assets and $196m in total deposits.
Trustmark said that the acquisition is expected to generate a one-time gain in the second quarter of 2011 and will be immediately accretive to its earnings per share and tangible book value per share.
Following this acquisition, all Heritage locations will reopen as Trustmark locations. Heritage clients can continue to conduct their banking business as usual.
Heritage clients will continue to be able to conduct banking business, including accessing their money by writing checks and using ATM or debit cards.
Trustmark said Heritage customers should continue to use their existing branches until they receive notice from the company that system changes have been completed. At that point, Heritage customers will have the added convenience provided by more than 150 Trustmark banking centers in Mississippi, Florida, Tennessee and Texas.
