Trustmark completes sale of its corporate trust business to The Peoples Bank, Biloxi, Mississippi
JACKSON, MS and Biloxi, MS–(August 15, 2022) – 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) are pleased to announce that the two companies have completed the sale of substantially all of the assets of Trustmark’s Corporate Trust business to The Peoples Bank.
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 were 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. “The smooth transition process of the business portfolio from Corporate Trust to The Peoples Bank underscored our confidence that this transaction will be positive for Corporate Trust’s customers. We are very pleased that these customers will benefit from the same level of service from The Peoples Bank team they expect from Trustmark,” Dewey said.
“We are delighted to add this additional portfolio of corporate fiduciary business to our existing portfolio and look forward to serving these customers,” said Chevis C. Swetman, President and CEO of The Peoples Bank. “We are delighted with this unique opportunity to leverage our outstanding existing corporate trust footprint and believe that adding this volume of business will build on the solid foundation established by The Peoples Bank and confirm our position as leader in the field of corporate trust.”
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 financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Visit 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