Trustmark National Bank, a wholly-owned subsidiary of Trustmark Corporation, and The Peoples Bank, whose parent company is Peoples Financial Corporation announced the two companies have entered into a definitive agreement whereby Trustmark will sell substantially all 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 and the receipt of regulatory approval.
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 will be transitioned to The Peoples Bank.
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“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. “We are pleased that our Corporate Trust customers will enjoy the same level of service from The Peoples Bank’s team that they have come to expect from Trustmark.”
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“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 Peoples. “We are excited about this unique opportunity to leverage our outstanding existing corporate trust footprint.”
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.
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