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Trustmark Completes Sale of Corporate Trust Business to The Peoples Bank, Biloxi, Mississippi
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Rhea-AI Summary
Trustmark Corporation (NASDAQ: TRMK) and Peoples Financial Corporation (OTC: PFBX) have finalized the sale of Trustmark’s Corporate Trust business to The Peoples Bank. This transaction includes approximately 200 bond issues, enhancing The Peoples Bank's trust services. Trustmark aims to redirect resources towards strategic growth initiatives, while continuing to provide specialized services via its Wealth Management Division. The transition seeks to ensure that Corporate Trust customers receive consistent service.
Positive
Trustmark sold its Corporate Trust business, focusing on strategic growth.
Approximately 200 bond issues were transitioned, enhancing The Peoples Bank's offerings.
Trustmark's Wealth Management Division continues to provide specialized services.
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None.
JACKSON, Miss. & BILOXI, Miss.--(BUSINESS WIRE)--
Trustmark National Bank (“Trustmark”), a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS: TRMK), and The Peoples Bank, whose parent company is Peoples Financial Corporation (OTCQX Best Market: PFBX) are pleased to announce that the two companies have completed the sale of substantially all the assets of Trustmark’s Corporate Trust business to The Peoples Bank.
Trustmark’s Corporate Trust business has been focused on providing a wide variety of trust and agency services in connection with debt securities issued by public corporations and government entities. Through this transaction, approximately 200 bond issues were transitioned to The Peoples Bank.
“This transition supports our focus on strategic initiatives that will help our company grow, become more efficient and serve our customers with new and innovative products and services as we move forward,” stated Duane Dewey, Trustmark’s President and Chief Executive Officer. “The seamless transition process of the Corporate Trust business portfolio to The Peoples Bank has underscored our confidence that this transaction will be positive for the Corporate Trust customers. We are most pleased that these customers will enjoy the same level of service from The Peoples Bank team that they have come to expect from Trustmark,” said Dewey.
“We are delighted to add this additional book of corporate trust business to our existing portfolio and look forward to serving these customers,” said Chevis C. Swetman, President and Chief Executive Officer of The Peoples Bank. “We are excited about this unique opportunity to leverage our outstanding existing corporate trust footprint and believe the addition of this book of business will build on the strong foundation established by The Peoples Bank and confirm our position as a leader in the corporate trust arena.”
Trustmark will continue to offer specialized services and expertise through its Wealth Management Division in the areas of private banking, brokerage, trust, retirement plan services, investment and portfolio management and custodial services for corporate and individual customers and non-profit organizations.
About Trustmark Corporation
Trustmark Corporation is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Visit trustmark.com for more information.
About The Peoples Bank, Biloxi, Mississippi
Founded in 1896, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, The Peoples Bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936.
The Peoples Bank is a wholly-owned subsidiary of Peoples Financial Corporation, listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the company’s website at www.thepeoples.com and at the website of the Securities and Exchange Commission at www.sec.gov.
For more information about Trustmark Corporation, contact:
Melanie Morgan Director of Corporate Communications & Marketing 601.208.2979
mmorgan@trustmark.com
For more information about Peoples Financial Corporation, contact
Chevis C. Swetman, President and CEO
228-435-8205
cswetman@thepeoples.com
Source: Trustmark
FAQ
What companies were involved in the Trustmark and Peoples Financial Corporation asset sale?
Trustmark Corporation (NASDAQ: TRMK) completed the sale of its Corporate Trust business to The Peoples Bank, a subsidiary of Peoples Financial Corporation (OTC: PFBX).
How many bond issues were transitioned in the Trustmark sale?
Approximately 200 bond issues were transitioned to The Peoples Bank as part of the asset sale.
What is the impact of the Trustmark Corporate Trust sale on its customers?
Trustmark aims to ensure that its Corporate Trust customers will continue to receive the same level of service after the transition.
What strategic focus will Trustmark pursue after the asset sale?
Trustmark will focus on strategic initiatives aimed at growth and efficiency, while providing specialized services through its Wealth Management Division.
