Trustmark National Bank Announces $60 Million Allocation Award for Southern Community Capital, LLC

Rhea-AI Summary

Trustmark Corporation (NASDAQ: TRMK) announced a $60 million allocation under the New Markets Tax Credit Program through its subsidiary, Southern Community Capital, LLC. This funding will support community projects in low-income areas across Alabama, Florida, Mississippi, Tennessee, and Texas. Previously, SCC received $100 million in NMTC allocation awards. The NMTC program incentivizes private investment in economically distressed communities by providing tax credits. Trustmark aims to enhance community development and workforce training initiatives through this financial support.

Positive

• Received a $60 million allocation under the New Markets Tax Credit Program.
• Previous allocations totaled $100 million, indicating a strong history of support.
• Focus on projects that enhance workforce development and job skills.

Negative

• None.

JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark National Bank, a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS:TRMK), is pleased to announce that its subsidiary, Southern Community Capital, LLC (SCC), has been selected to receive a $60,000,000 allocation award for investment in community projects under the New Markets Tax Credit Program (NMTC Program).

Administered by the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund), the NMTC Program was established by Congress in 2000 to spur investments in businesses and real estate projects located in low-income communities. SCC has received two previous NMTC Allocation Awards totaling $100 million. The NMTC Program attracts private capital into low-income communities by permitting investors to receive a tax credit against their federal income tax in exchange for making investments in projects in economically distressed communities.

“Southern Community Capital is appreciative of CDFI Fund’s continued support of its efforts to deploy this highly flexible resource into underserved, predominantly rural communities in Alabama, Florida, Mississippi, Tennessee and Texas,” said Monica Day, President and CEO of Southern Community Capital. “We will use the NMTC allocation to focus on financing borrowers whose projects will provide access to quality jobs and training, including workforce development and job skills.”

Trustmark, through SCC, is continually looking for quality NMTC projects that strengthen and enhance the communities in which it serves. For more information on how to obtain an equity investment through the NMTC program from Trustmark or an allocation from SCC, please contact taxcredits@trustmark.com or visit www.trustmark.com/southerncommunitycapital.

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 FBBINSURANCE. Visit trustmark.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005845/en/

Trustmark Investor Contacts:

Thomas C. Owens

Treasurer and Principal Financial Officer

601-208-7853

F. Joseph Rein, Jr.

Senior Vice President

601-208-6898

Trustmark Media Contact:

Melanie A. Morgan

Senior Vice President

601-208-2979

Source: Trustmark Corporation

FAQ

What is the recent allocation awarded to Trustmark Corporation under the New Markets Tax Credit Program?

Trustmark Corporation was awarded a $60 million allocation for investment in community projects.

How much funding has Southern Community Capital received from the NMTC Program in total?

Southern Community Capital has received a total of $160 million in NMTC allocations, including the recent $60 million award.

Which states will benefit from the NMTC allocation awarded to Trustmark Corporation?

The NMTC allocation will benefit low-income communities in Alabama, Florida, Mississippi, Tennessee, and Texas.

What is the purpose of the New Markets Tax Credit Program?

The NMTC Program aims to spur investments in businesses and projects located in low-income communities by offering tax credits.

Who is the president and CEO of Southern Community Capital?

Monica Day is the President and CEO of Southern Community Capital.