Mississippi-based Trustmark National Bank plans to sell its corporate trust business to neighboring firm The Peoples Bank.
In a statement on March 17, the two banks announced the agreement covering “substantially all” of the corporate trust arm’s assets.
The deal, which is expected to close in the second quarter of this year, will see over 200 bond issues passed over to The Peoples Bank.
The transaction is subject to regulatory approval and other closing conditions. The price of the deal was not disclosed.
Trustmark’s president and chief executive officer Duane Dewey said in a statement: “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.
“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.”
Chevis Swetman, president and CEO of The Peoples Bank, added that the deal was a “unique opportunity to leverage our outstanding existing corporate trust footprint”.
Trustmark’s corporate trust business provides services in the trust and agency markets relating to debt securities issued by government bodies and public corporations.
Trustmark said it would maintain its wealth management division, including services such as investment and portfolio management, brokerage and private banking.
Previously this year, Trustmark Corporation appointed Michael Carson as executive vice president and chief risk officer of Trustmark National Bank.
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