Trustmark, BancTrust, delay deal date into 2013
JACKSON, Miss. (AP) — Trustmark Corp. says it will delay its takeover of BancTrust Financial Group because regulators haven't approved the deal yet.
Jackson-based Trustmark had been scheduled to close its $55 million purchase of BancTrust by Dec. 31. Now, Trustmark says it will complete the takeover of BancTrust, based in Mobile, Ala., by Feb. 28, 2013.
Trustmark CEO Gerard Host anticipates the deal will close in late January.
Spokeswoman Melanie Morgan says Trustmark awaits approval from the Office of Comptroller of Currency and the Federal Reserve, its primary regulators. She says there's not enough time left this year to notify customers and says converting BancTrust's computer systems could be difficult during year-end holidays.
Shareholders of BancTrust, with $2 billion in assets, approved the sale Sept. 26. Trustmark has $9.8 billion in assets.