Trustmark in Jackson, Miss., has agreed to buy RB Bancorp. in Athens, Ala.
The $13 billion-asset Trustmark said in a press release Monday that it will pay $25.6 million, or $22 a share, in cash for the $210 million-asset parent of Reliance Bank. The deal, which is expected to close in the first half of next year, values RB Bancorp. at 162% of its tangible book value.
Reliance Bank has seven branches, $129 million in loans and $176 million in deposits.
Trustmark said the acquisition will be accretive to its earnings with "minimal" dilution to tangible book value.
"We are excited to further expand our Alabama franchise in Athens and the surrounding Huntsville area, which is among the most-attractive metropolitan areas in the Southeast," Gerard Host, Trustmark's president and chief executive, said in the release.
Brunini, Grantham, Grower & Hewes advised Trustmark. Seacap Financial and Balch & Bingham advised RB Bancorp.