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Ala. thrift to sell Oxford offices to Trustmark

Trustmark to enter Oxford, Miss., market by buying branches from Huntsville, Ala., thrift

Associated Press

JACKSON, Miss. (AP) -- Trustmark Corp. plans to buy two bank branches in Oxford, Miss., moving into that market for the first time.

The owner of Trustmark National Bank said Friday that it has a deal to buy the offices and $11.8 million in deposits from SouthBank, a Huntsville, Ala.-based federal savings bank.

No purchase price was disclosed.

SouthBank's two offices had 1.6 percent of all Lafayette County deposits as of June 30, 2012, according to Federal Deposit Insurance Corp. figures. The largest bank in the market, First National Bank of Oxford, has $200 million, or 23.5 percent.

Trustmark, which has the second-largest share of deposits statewide, says it plans to complete the purchase this summer, assuming regulatory approvals.

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