Trustmark National Bank Reaches Agreement to Sell its Corporate Trust Business to The Peoples Bank, Biloxi, Mississippi
JACKSON, MS–(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) announced today that the two companies have entered into a definitive agreement whereby Trustmark will sell substantially all of the assets of its Corporate Trust business to The Peoples Bank. The transaction is expected to close in the second quarter of 2022 and is subject to customary closing conditions.
Trustmark’s Corporate Trust business has focused on providing a wide variety of trust and agency services in relation to debt securities issued by public corporations and government entities. Through this transaction, approximately 200 bond issues will be transferred to The Peoples Bank.
“This transition supports our focus on strategic initiatives that will help our business grow, become more efficient, and serve our customers with new and innovative products and services as we move forward,” said Duane Dewey, president and chief executive officer. the management of Trustmark. “We are delighted that our Corporate Trust customers are receiving the same level of service from The Peoples Bank team that they have come to expect from Trustmark.”
“We are excited to add this additional portfolio of corporate fiduciary businesses to our existing portfolio and look forward to serving these clients,” said Chevis C. Swetman, President and CEO of Peoples. “We are excited about this unique opportunity to leverage our outstanding existing corporate trust footprint.”
Trustmark will continue to offer specialist services and expertise through its wealth management division in the areas of private banking, brokerage, trust, pension plan services, investment management and wallets and custodial services for businesses and individuals and non-profit organizations.
About Trustmark Corporation
Trustmark Corporation is a diversified financial services company based in Jackson, Mississippi, with 179 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 FBBIASSURANCE. To visit www.trustmark.com for more information.
About Peoples Bank, Biloxi, Mississippi
Founded in 1896, Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a full range of retail and commercial banking services, The Peoples Bank also operates a trust and investment services department which has provided clients with financial, estate and retirement planning services since 1936.
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 on the Securities and Exchange Commission’s website at www.sec.gov.
For more information about Trustmark Corporation, contact:
Director of Corporate Communications and Marketing
For more information about Peoples Financial Corporation, contact
Chevis C. Swetman, President and CEO