A Trustmark contact tells GlobeSt.com that Republic's re-branding to Trustmark will begin immediately. "The signs are beginning to change as we speak and the re-branding process will be completed within the next several weeks," he says. "Customers have had several pieces of communication from our CEO and CFO announcing the changes as well." Under the terms of the April 13 merger agreement, Trustmark will issue approximately 3.3 million shares of common stock and pay $100 million in cash for Republic Bancshares' outstanding common and preferred shares.
In addition to taking over the 11 Republic Banking centers in Houston, Trustmark plans to open six additional centers in the area during the next three to 18 months. The Trustmark spokesman says the first new Trustmark bank is scheduled for a "soft" opening in the coming days, with the grand opening slated for Sept. 8.
In a prepared statement about the merger, Trustmark's chairman and CEO Richard Hickson says the entry into Houston market continues to be a "strategic focus" for the Jackson, MS-based company. "We also refined our plans to build an enhanced retail, mortgage banking and wealth management platform in Houston to complement Republic's strong middle-market commercial lending base," Hickson says.
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