Trustmark Corp./Cadence Financial
On September 22, 2010, Trustmark Corp. (Nasdaq: TRMK) and Cadence Financial Corporation (Nasdaq: CADE) announced that they have entered into a definitive agreement whereby Trustmark will merge with Cadence for a total cash consideration of $23.8 million.
Cadence has 38 offices across five southeastern states with $1.0 billion in loans and $1.5 billion in deposits as of June 30, 2010.
Under terms of the definitive agreement, Cadence common shareholders will receive 0.096993 shares of Trustmark common stock for each share of Cadence in a tax free exchange. Trustmark will issue approximately 1,155,104 shares of its common stock for all issued and outstanding common shares of Cadence.
The transaction is expected to close no later than Q111.
Trustmark was advised by the investment banking firm of Sandler O’Neill + Partners, L.P., as well as the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC. Cadence was advised by the investment banking firm of Keefe, Bruyette & Woods, Inc., and the law firm of Jackson Walker L.L.P.
Cadence has 38 offices across five southeastern states with $1.0 billion in loans and $1.5 billion in deposits as of June 30, 2010.
Under terms of the definitive agreement, Cadence common shareholders will receive 0.096993 shares of Trustmark common stock for each share of Cadence in a tax free exchange. Trustmark will issue approximately 1,155,104 shares of its common stock for all issued and outstanding common shares of Cadence.
The transaction is expected to close no later than Q111.
Trustmark was advised by the investment banking firm of Sandler O’Neill + Partners, L.P., as well as the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC. Cadence was advised by the investment banking firm of Keefe, Bruyette & Woods, Inc., and the law firm of Jackson Walker L.L.P.
