Trustmark (TRMK) in Jackson, Miss., has bought two branches from SOUTHBank in Huntsville, Ala.
Trustmark also acquired $11.7 million in deposits along with the Oxford, Miss., branches, it announced Monday. Trustmark said the branches were converted to its systems over the weekend.
The $11.9 billion-asset Trustmark has more than 200 branches in five states. The sale reduced the $194 million-asset SOUTHBank's network to 10 branches in Alabama, Arkansas, Tennessee and Mississippi.
"This transaction enables Trustmark to establish new customer relationships and provides existing Oxford customers with the added convenience of well-positioned banking offices," Gerard Host, Trustmark's president and chief executive, said in a press release. "We are delighted to serve the students and alumni of Ole Miss and look forward to providing an expanded line of financial services in the Oxford market."
Trustmark announced last week that its second-quarter earnings rose 6% from a year earlier, to $31.1 million.