After 111 years of operating exclusively in its own state, Trustmark Corp. of Jackson, Miss., said Wednesday that it is expanding into Tennessee by acquiring Barret Bancorp in Barretville for $102.5 million.

The announcement of the deal came less than four months after Union Planters Corp. of Memphis said it had signed a letter of intent to buy $516 million-asset Barret. But in an interview, Barret president Charles M. Ennis called Union Planters’ announcement “premature” and said that no definitive agreement was ever reached.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.