Shareholders of Peoples BancTrust, BancTrust Financial to decide merger on Oct. 11

By Lisa Kerner

Charlotte, N.C., Sept. 7 - Shareholders of the Peoples BancTrust Co. and BancTrust Financial Group, Inc. will vote on the companies' proposed merger at separate meetings on Oct. 11 in Alabama.

Peoples shareholders will vote at 4:30 p.m. ET in Selma, and BancTrust shareholders will vote at 10:30 a.m. ET in Mobile, according to a definitive proxy statement filed with the Securities and Exchange Commission.

It was previously reported that BancTrust and Peoples agreed to merge and form the fifth-largest bank holding company based in Alabama, with almost $2.4 billion in assets and $2.0 billion in deposits.

The companies' definitive merger agreement calls for Peoples shareholders to receive total consideration of $25.50 per share of Peoples common stock, consisting of $6.375 in cash plus 0.9897 of a share of BancTrust common stock. The amount of BancTrust common stock could vary based on the 10-day average closing price of BancTrust common stock immediately prior to the merger's close.

Based on the BancTrust 10-day average closing price of $19.33 on May 18, the transaction is valued at about $153.2 million.

The combined company will continue to operate under the BancTrust name and will be led by W. Bibb Lamar, Jr., president and chief executive officer of BancTrust Financial.

BancTrust Financial, located in Mobile, Ala., is a bank holding company that has 21 offices in southern Alabama and 10 offices in northwest Florida.

Selma, Ala.-based Peoples BancTrust is the parent company of the Peoples Bank and Trust Co., which has 23 offices in Alabama.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.