Mississippi-based Trustmark Nationwide Financial institution plans to promote its company belief enterprise to neighboring agency The Peoples Financial institution.
In an announcement on March 17, the 2 banks introduced the settlement protecting “considerably all” of the company belief arm’s belongings.
The deal, which is anticipated to shut within the second quarter of this yr, will see over 200 bond points handed over to The Peoples Financial institution.
The transaction is topic to regulatory approval and different closing circumstances. The value of the deal was not disclosed.
Trustmark’s president and chief government officer Duane Dewey mentioned in an announcement: “This transition helps our give attention to strategic initiatives that can assist our firm develop, change into extra environment friendly and serve our clients with new and revolutionary services as we transfer ahead.
“We’re happy that our Company Belief clients will take pleasure in the identical stage of service from The Peoples Financial institution’s crew that they’ve come to count on from Trustmark.”
Chevis Swetman, president and CEO of The Peoples Financial institution, added that the deal was a “distinctive alternative to leverage our excellent present company belief footprint”.
Trustmark’s company belief enterprise gives providers within the belief and company markets referring to debt securities issued by authorities our bodies and public firms.
Trustmark mentioned it could keep its wealth administration division, together with providers similar to funding and portfolio administration, brokerage and personal banking.
Beforehand this yr, Trustmark Company appointed Michael Carson as government vp and chief danger officer of Trustmark Nationwide Financial institution.