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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.
Image Source: Zacks Investment Research
Currently, Trustmark carries a Zacks Rank #3 (Hold).
Stocks to Consider
Better-ranked stocks in the same space include Bank7 Corp (BSVN - Free Report) , FVCBankcorp, Inc. (FVCB - Free Report) and Allegiance Bancshares, Inc. .
The Zacks Consensus Estimate for Bank7’s 2021 earnings has witnessed an upward earnings estimate revision of 6.7% over the past 30 days. Moreover, its share price has jumped 43.7%, year to date. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FVCBankcorp flaunts a Zacks Rank #1, at present. The Zacks Consensus Estimate for the current-year earnings witnessed an upward earnings estimate revision of 6.7% in the past 30 days. The company’s share price has rallied 35.1%, year to date.
Allegiance Bancshares, with a Zacks Rank #2 (Buy), witnessed an upward earnings estimate revision of 8.6% for the ongoing year over the past 30 days. The company’s share price has gained 10.6%, year to date.
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Trustmark (TRMK) Inks Alliance With Commonwealth National
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.
Image Source: Zacks Investment Research
Currently, Trustmark carries a Zacks Rank #3 (Hold).
Stocks to Consider
Better-ranked stocks in the same space include Bank7 Corp (BSVN - Free Report) , FVCBankcorp, Inc. (FVCB - Free Report) and Allegiance Bancshares, Inc. .
The Zacks Consensus Estimate for Bank7’s 2021 earnings has witnessed an upward earnings estimate revision of 6.7% over the past 30 days. Moreover, its share price has jumped 43.7%, year to date. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FVCBankcorp flaunts a Zacks Rank #1, at present. The Zacks Consensus Estimate for the current-year earnings witnessed an upward earnings estimate revision of 6.7% in the past 30 days. The company’s share price has rallied 35.1%, year to date.
Allegiance Bancshares, with a Zacks Rank #2 (Buy), witnessed an upward earnings estimate revision of 8.6% for the ongoing year over the past 30 days. The company’s share price has gained 10.6%, year to date.