Attached files
file | filename |
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8-K - FORM 8-K - BANCTRUST FINANCIAL GROUP INC | h77611e8vk.htm |
EX-10.1 - EX-10.1 - BANCTRUST FINANCIAL GROUP INC | h77611exv10w1.htm |
Exhibit 5.1
November 10, 2010
BancTrust Financial Group, Inc.
100 Saint Joseph Street
Mobile, Alabama 36602
100 Saint Joseph Street
Mobile, Alabama 36602
Re: | Universal Shelf Registration Statement on Form S-3 (No. 333-153871) |
Ladies and Gentlemen:
We
have acted as counsel to BancTrust Financial Group, Inc., an Alabama
corporation (the Company), in connection with the proposed offering and sale by
the Company of up to $15,000,000 of its common stock, par value $0.01 per share (the
Common Stock), pursuant to a Standby Equity Distribution Agreement (the SEDA)
between the Company and YA Global Master SPV Ltd. (YA Global). We also have acted as
counsel to the Company in
connection with the preparation of a prospectus supplement dated November 10, 2010 (the
Prospectus Supplement) and the prospectus dated December 17, 2008 (the
Prospectus), each forming part of the above-referenced Registration Statement, as amended
(the Registration Statement) filed with the Securities and Exchange Commission (the
Commission) under the Securities Act of 1933, as amended (the Securities Act).
The Prospectus Supplement is being filed on the date hereof
with the Commission pursuant to Rule 424(b) of
the Securities Act.
This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of
Regulation S-K under the Securities Act.
As counsel to the Company, we have examined the SEDA, the relevant corporate and other
documents, and made such other examinations of matters of law and of fact as we have considered
appropriate or advisable for purposes of this opinion. In our examination, we have assumed the
genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all
documents submitted to us as original documents and the conformity to original documents of all
documents submitted to us as certified, conformed, facsimile, electronic or photostatic copies. We
have relied upon the statements contained in the SEDA and the Registration Statement, including the
Prospectus and Prospectus Supplement, and statements of officers of the Company, and we have made
no independent investigation with regard thereto. We have also assumed that the shares of Common
Stock will be issued and sold in the manner stated in the Prospectus Supplement, the Prospectus and
the SEDA.
BancTrust Financial Group, Inc.
November 10, 2010
Page 2
November 10, 2010
Page 2
Our opinions set forth below are limited to the laws of the State of Alabama and federal laws
of the United States of America to the extent referred to specifically herein, and we do not
express any opinion herein concerning any other laws.
This opinion letter is provided for use solely in connection with the transactions
contemplated by the Registration Statement and may not be used, circulated, quoted or otherwise
relied upon for any other purpose without our express written consent. No opinion may be implied or
inferred beyond the opinions expressly stated below. Our opinions
expressed herein are as of the date hereof, and we undertake no obligation to advise you of any
changes in applicable law or any other matters that may come to our attention after the date hereof
that may affect our opinions expressed herein.
Based upon the foregoing and subject to the limitations, qualifications, exceptions and
assumptions set forth herein, it is our opinion that when issued and delivered on behalf of the
Company against payment therefor by YA Global in accordance with the SEDA, the Common Stock will be
validly issued, fully paid and non-assessable (provided that the consideration paid therefor is not
less than the par value of the Common Stock).
We consent to the filing of this opinion letter as an exhibit to the Companys Current Report
on Form 8-K dated on or about the date hereof, and to the incorporation by reference of this
opinion letter into the Registration Statement. In giving such consent, we do not admit that we
are within the category of persons whose consent is required under Section 7 of the Securities Act
or the rules and regulations of the Commission thereunder.
/s/ Hand Arendall LLC