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Trustmark (TRMK) Inks Alliance With Commonwealth National

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As part of the Project REACh Initiative with the Office of the Comptroller of the Currency, Trustmark National Bank, the wholly-owned subsidiary of Trustmark Corporation (TRMK - Free Report) has entered into a strategic alliance with Commonwealth National Bank.

Through this collaboration, Trustmark and Commonwealth will be able to amplify economic opportunities in minority and underserved communities. The Project REACh Initiative was inaugurated on Jul 10, 2020.

Trustmark will impart up to $2.5 million in commercial loan participations and advisory services to Commonwealth as a mentor-bank. Upholding the five doctrines of Project REACh — investment, technical assistance, business opportunities, executive training, and commitment of resources — the strategic partnership between the two firms will provide access to Trustmark’s mortgage origination platform and access to all of its ATMs. Apart from this, it will also garner compliance support, operational, technical and administrative aid to Commonwealth.

Trustmark Regional president – AL/MS Gulf Coast Region, Michael D. Fitzhugh, remarked “Our collaboration with Commonwealth will provide an opportunity to serve the financial needs of the residents and business community in the Mobile, Alabama area. We are honored to be a part of this national initiative that strengthens minority access to economic resources.”

Commonwealth’s president and CEO, Sidney King, said, “During my first bank Presidency opportunity in the 1990’s, Trustmark’s mentorship was instrumental in the success of our banking operation. I am extremely excited about renewing this relationship with Trustmark at Commonwealth National Bank. We believe that this important partnership with Trustmark will allow us to better serve the needs of our customers and improve the overall health of the community we serve.”

Shares of Trustmark have gained 11.8%, so far this year, underperforming 25.5% growth recorded by the industry it belongs to.

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Currently, Trustmark carries a Zacks Rank #3 (Hold).

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