Trustmark National Bank and Commonwealth National Bank enter Strategic Collaboration Agreement

Rhea-AI Summary

Trustmark National Bank has announced a strategic collaboration with Commonwealth National Bank as part of the Project REACh Initiative aimed at enhancing economic access for Minority Depository Institutions.

The partnership will see Trustmark provide up to $2.5 million in loans and advisory services to Commonwealth, benefiting the Mobile, Alabama community. This effort seeks to support underserved populations through investment and technical assistance, reinforcing Trustmark's commitment to community service and economic empowerment.

Positive

• Trustmark is providing $2.5 million in commercial loan participations to Commonwealth National Bank.
• The collaboration enhances access to financial resources in minority and underserved communities in Mobile, Alabama.
• Trustmark's involvement in Project REACh aligns with its core values of integrity and community service.

Negative

• None.

Trustmark National Bank, a wholly-owned subsidiary of Trustmark Corporation (NASDAQCS:TRMK), is pleased to announce that a strategic collaboration agreement has been entered with Commonwealth National Bank as part of the Project REACh Initiative with the Office of the Comptroller of the Currency.

The Project REACh Initiative, standing for Roundtable for Economic Access and Change, launched on July 10, 2020, to “create meaningful partnerships that help Minority Depository Institutions (MDIs) remain a vibrant part of the economic landscape and important resources in their communities.”

“Through our shared vision, Trustmark and Commonwealth will be able to expand economic opportunities in minority and underserved communities,” said Duane Dewey, Trustmark President and CEO. “With over 130 years of success in the financial service business, we are grateful for this new opportunity to demonstrate our core values – integrity, service, accountability, relationships and solutions.”

“During my first bank Presidency opportunity in the 1990’s, Trustmark’s mentorship was instrumental in the success of our banking operation. I am extremely excited about renewing this relationship with Trustmark at Commonwealth National Bank,” said Sidney King, Commonwealth’s President and CEO. “We believe that this important partnership with Trustmark will allow us to better serve the needs of our customers and improve the overall health of the community we serve.”

Trustmark will provide up to $2.5 million in commercial loan participations as well as advisory services to Commonwealth as a mentor-bank. In keeping with the five tenets of Project REACh — investment, technical assistance, business opportunities, executive training, and commitment of resources — the strategic relationship provides access to all of Trustmark’s ATMs, and compliance support, operational, technical and administrative assistance to Commonwealth as well as access to Trustmark’s mortgage origination platform.

“Our collaboration with Commonwealth will provide an opportunity to serve the financial needs of the residents and business community in the Mobile, Alabama area,” said Michael D. Fitzhugh, Trustmark Regional President – AL/MS Gulf Coast Region. “We are honored to be a part of this national initiative that strengthens minority access to economic resources.”

Commonwealth National Bank, an MDI established in 1976, serves the community of Mobile, Alabama and surrounding areas. Commonwealth is a member of the National Bankers Association (“NBA”), the trade organization founded in 1927 as a voice for black-owned banks in the United States.

About Trustmark

Trustmark Corporation is a diversified financial services company headquartered in Jackson, Mississippi, with 180 locations in Alabama, Florida, Mississippi, Tennessee and Texas. Trustmark provides banking, wealth management and insurance solutions through its subsidiaries, including Trustmark National Bank, Trustmark Investment Advisors, Inc., and Fisher Brown Bottrell Insurance, Inc. Visit trustmark.com for more information.

About Commonwealth National Bank

Commonwealth National Bank is a full-service nationally chartered commercial bank. Commonwealth promotes the economic viability of underserved communities with the goal of expanding economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. Commonwealth is headquartered in the City of Mobile. Visit ecommonwealthbank.com for more information.

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FAQ

What is the collaboration agreement between Trustmark National Bank and Commonwealth National Bank?

Trustmark National Bank has entered a collaboration agreement with Commonwealth National Bank as part of the Project REACh Initiative, providing up to $2.5 million in loans and advisory services.

What is Project REACh and its purpose?

Project REACh stands for Roundtable for Economic Access and Change, launched to support Minority Depository Institutions and enhance economic access in underserved communities.

How will this partnership affect the Mobile, Alabama community?

The partnership will provide economic opportunities and access to financial resources for residents and businesses in Mobile, Alabama.

What services will Trustmark provide to Commonwealth National Bank?

Trustmark will offer commercial loan participations, compliance support, technical assistance, and access to its mortgage origination platform.

When was the Project REACh Initiative launched?

The Project REACh Initiative was launched on July 10, 2020.