Mississippi-based Trustmark Corp. has completed its purchase of Alabama-based Reliance Bank for $23.7 million in cash. Photo courtesy Trustmark Bank
JACKSON, Miss. (AP) — Mississippi-based Trustmark Corp. has completed its purchase of Alabama-based Reliance Bank for $23.7 million in cash.
Trustmark said Monday that it closed the deal for RB Bancorp of Athens, Alabama, on Friday.
Reliance customers will convert to Trustmark computer systems on June 17.
The move strengthens Trustmark's position in Alabama by giving it offices in the Huntsville area for the first time. Trustmark has said the seven-branch bank, with $201 million in assets, will add to profits this year.
With more than $13 billion in assets, Trustmark has offices in Mississippi, Alabama, Florida, Tennessee and Texas. It's the ninth-largest bank in Alabama, with 1.5 percent of deposits after the Reliance acquisition.
Trustmark CEO Gerald Host says the bank was attracted to Huntsville's rapid growth.
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