SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
February 11, 2003
Date of Report (Date of earliest event reported)
TRUSTMARK CORPORATION
(Exact name of registrant as specified in its charter)
Mississippi 0-3683 64-0471500
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
248 East Capitol Street
Jackson, MS 39201
(Address, including zip code, of principal executive office)
(601) 354-5111
(Registrant's telephone number, including area code)
Item 5. Other Events
On February 11, 2003, Trustmark Corporation issued a press release announcing a
voluntary early retirement program for associates age 58 and above with ten or
more years of service had been accepted by 116, or 4.75%, of its workforce.
Individuals accepting this enhanced retirement package will retire by February
15, 2003. The cost of this program will be reflected in a one-time after-tax
charge of approximately $4.0 million, or $0.07 per share, in Trustmark's first
quarter 2003 earnings. During the remainder of 2003, net compensation expense
savings are expected to total approximately $2.8 million, or $0.05 per share.
These compensation savings should enhance earnings in 2004.
"Implementation and completion of this voluntary early retirement program
represents another proactive measure in our sustained effort to manage our
expense base," stated Chairman and Chief Executive Officer Richard G. Hickson.
"This initiative offers benefits through organizational efficiencies provided by
technology and realignment of work processes and provides advancement
opportunities for our associates. As we monitor today's slow economic
environment, Trustmark continues to implement strategic, sound and appropriate
programs to ensure increasing shareholder value."
Trustmark is a financial services company providing banking and financial
solutions through over 130 full-service offices and 2,350 associates in
Mississippi and Tennessee. For additional information, visit Trustmark's website
at www.trustmark.com.
This report contains forward-looking statements within the meaning of and
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. A forward-looking statement in this report encompasses any
estimate, prediction, expectation, projection, opinion, anticipation, outlook or
statement of belief included therein, as well as the management assumptions
underlying those forward-looking statements. Such statements include, but may
not be limited to effects of changes in interest rates on earnings. Factors that
might cause future results to differ from such forward-looking statements are
described in Trustmark's filings with the Securities and Exchange Commission.
Trustmark undertakes no obligation to update or revise any of this information,
whether as the result of new information, future events or developments, or
otherwise.
Trustmark's investor contacts are Zach Wasson, Executive Vice President and
Chief Financial Officer (601-949-6816), and Joseph Rein, First Vice President
(601-949-6898). Trustmark's media contact is Gray Wiggers, Senior Vice President
(601-354-5942).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRUSTMARK CORPORATION
BY: /s/ Richard G. Hickson BY: /s/ Zach L. Wasson
---------------------- ------------------
Richard G. Hickson Zach L. Wasson
Chairman of the Board, President Treasurer (Principal
& Chief Executive Officer Financial Officer)
DATE: February 11, 2003 DATE: February 11, 2003