JACKSON, Miss., March 17, 2022 /PRNewswire/ -- 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)
today 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.
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.
"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."
"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.
About Trustmark Corporation
Trustmark Corporation is a diversified financial services company
headquartered 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 FBBINSURANCE. Visit www.trustmark.com for
more information.
About The Peoples Bank, Biloxi,
Mississippi
Founded in 1896, The Peoples Bank operates 18 branches along the
Mississippi Gulf Coast in Hancock,
Harrison, Jackson and Stone counties. In addition to offering
a comprehensive range of retail and commercial banking services,
The Peoples Bank also operates a trust and investment services
department that has provided customers with financial, estate and
retirement planning services since 1936.
The 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 at the website of
the Securities and Exchange Commission at www.sec.gov.
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SOURCE Peoples Financial Corporation