State Bank stockholders OK merger

Published 5:00 am Monday, May 29, 2000

The merger of a Brookhaven bank into a new statewide bankingsystem was approved by stockholders Wednesday, setting the stage tofinalize the agreement in September. The merger is pending approvalby the regulatory authorities.

Stockholders of State Bank and Trust Company met Wednesdayafternoon to approve the merger with Valley Bank of Greenwood. Whenfinalized, the new bank will be named State Bank and Trust Companyand have offices throughout the delta, central and southwestMississippi.

In a proxy vote, stockholders voted 110,381 shares for themerger with 12,076 shares voting against the merger. Stockholdersalso approved settlement of an employment contract for officers bya 105,399 to 16,776 share vote.

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“This is an exciting moment in the history of this bank,” MarkWilliamson, CEO of State Bank, said following the vote. “We havebeen working very hard to get to this point and look forward toseeing the State Bank name appear across Mississippi. “

Valley Bank stockholders approved the merger in a separatemeeting Wednesday afternoon in Greenwood.

According to the merger agreement, State Bank stockholders willreceive 6.00819 shares of Valley stock for each share of State Bankstock. State Bank stockholders who live outside Mississippi willreceive $114.20 per share in cash.

The new bank will be owned 41% of the former State Bankstockholders and 59% by the former Valley Bank stockholders andhave assets of $389 million with deposits of over $350 million. Thedirectors of both banks will be combined into a single board tooversee management of the bank.

“We are excited about the opportunities this merger brings,”said State Bank President Owen Carty. “We look forward to beingable to offer better products and services for our customers. Wealso look forward to bringing new jobs to Brookhaven as we takeover the south Mississippi operation of Valley Bank,” Cartyadded.

The merger was approved by State Bank’s board of directors onApril 14.

The new bank will have a total of 24 locations with offices inBrookhaven, McComb, Greenwood, Jackson, Vicksburg, Ridgeland,Clinton, Flowood, Clarksdale, Cleveland, Grenada, Greenville,Tutwiler, Shelby, Webb and Rosedale. They will offer 2,400 ATMlocations throughout the South.