Company Overview of BancTrust Financial Group, Inc.
As of February 15, 2013, BancTrust Financial Group, Inc. was acquired by Trustmark Corporation. BancTrust Financial Group, Inc. operates as the bank holding company for BankTrust that provides various community banking services to commercial, small business, and retail customers in southern and central Alabama, and northwest Florida. Its deposit products include interest-bearing checking accounts, savings accounts, and time deposits, as well as money market accounts and certificates of deposit. The company’s loan portfolio consists of commercial and industrial, agricultural, equipment, commercial real estate, residential construction, residential mortgage, and consumer loans, as well as loan...
107 Saint Francis Street
PO Box 3067
Mobile, AL 36602
Founded in 1985
Key Executives for BancTrust Financial Group, Inc.
BancTrust Financial Group, Inc. does not have any Key Executives recorded.
BancTrust Financial Group, Inc. Key Developments
BancTrust Financial Group, Inc.(NasdaqGS:BTFG) dropped from NASDAQ Composite Index
Feb 19 13
BancTrust Financial Group, Inc. will be removed from NASDAQ Composite Index.
BancTrust Financial Group, Inc. Receives Non-Compliance Notice From Nasdaq
Jan 8 13
On January 2, 2013, BancTrust Financial Group, Inc. received notification from The Nasdaq Stock Market (Nasdaq) that BancTrust is out of compliance with Rule 5620(a) and 5620(b) of the Nasdaq Marketplace Rules, because it did not hold an annual meeting of its common shareholders in 2012. The letter from Nasdaq states that it has determined to initiate procedures to delist BancTrust’s common stock from the Nasdaq Global Select Market effective at the opening of business on January 11, 2013. BancTrust intends to appeal and request a review of this delisting determination by a Nasdaq hearings panel, and this request will stay the suspension and delisting of BancTrust’s common stock pending the issuance of a written decision by a Nasdaq hearings panel. BancTrust expects to be granted a hearing within 45 days. BancTrust did not hold an annual meeting of its shareholders in 2012, because it thought that the effort and expense of holding an annual meeting were outweighed by other considerations. On March 21, 2012, BancTrust announced that it was seeking a strategic merger partner. On May 28, 2012, BancTrust entered into an agreement and plan of reorganization (merger agreement) with Trustmark Corporation. Pursuant to the merger agreement and subject to the satisfaction of customary closing conditions, BancTrust will merge with and into Trustmark, and its common shares will be delisted in connection with the merger. BancTrust originally expected the merger to be completed before the end of 2012. The Board of Directors of BancTrust determined that the benefit of an annual meeting in view of the pending merger was outweighed by the cost of conducting a meeting and indefinitely postponed BancTrust’s 2012 annual meeting, which would otherwise have been held in May. Regulatory approval for the merger is pending. Subject to receipt of regulatory approval, BancTrust expects the merger to be completed on or before February 28, 2013, and the delisting of BancTrust’s common shares as part of the completion of the merger will render the pending delisting action moot. If the merger is not completed before the hearing date set by Nasdaq, BancTrust intends to pursue its appeal of Nasdaq’s delisting and suspension determination through the hearing process and other administrative procedures afforded by Nasdaq.
BancTrust Financial Group, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Reports Net Charge-Offs for the Third Quarter Ended September 30, 2012
Oct 29 12
BancTrust Financial Group, Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company’s net interest revenue was $13,246,000 compared to $15,807,000 a year ago. Loss before income taxes was $9,502,000 compared to $86,000 a year ago. Net loss to common shareholders was $10,294,000 or $0.57 per basic and diluted share compared to net loss to common shareholders of $743,000 or $0.04 per basic and diluted share a year ago. Return on average assets at negative was 1.92% compared return on average assets of 0.01% a year ago. Negative return on average common shareholder’s equity was 77.37% compared to 2.44% a year ago. The decrease in net interest revenue was due primarily to a decrease in average earning assets and net interest margin compared with the third quarter of last year. The results for the third quarter of 2012 included a $9.5 million provision for loan losses, compared with a $6.0 million provision for the corresponding period in 2011. The increase in the provision for loan losses was due primarily to increases in specific allowances for impaired loans, especially for certain land and land development loans in the panhandle of Florida, made in response to recent appraisals and independent appraisal reviews.
For the nine months, the company’s net interest revenue was $42,671,000 compared to $46,739,000 a year ago. Loss before income taxes was $21,507,000 compared to $2,120,000 a year ago. Net loss to common shareholders was $23,186,000 or $1.29 per basic and diluted share compared to net loss to common shareholders of $457,000 or $0.03 per basic and diluted share a year ago. Book value per common share was $2.47 as on September 30, 2012 compared to $6.76 on September 30, 2011. Return on average assets at negative was 1.40% compared return on average assets of 0.12% a year ago. Negative return on average common shareholder’s equity was 50.87% compared to 0.52% a year ago.
For the quarter, the company reported net charge-offs of $4.6 million compared with $3.2 million in the third quarter of 2011.
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