TRMK - Trustmark subsidiary agrees to sell Corporate Trust business to The Peoples Bank

Trustmark's (NASDAQ:TRMK) subsidiary Trustmark National Bank has agreed to sell substantially all the assets of its Corporate Trust business to The Peoples Bank, whose parent company is Peoples Financial (OTC:PFBX). Subject to customary closing conditions and the receipt of regulatory approval, the transaction is expected to close in Q222. 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, ~200 bond issues will be transitioned to The Peoples Bank.

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Trustmark subsidiary agrees to sell Corporate Trust business to The Peoples Bank