Trustmark Corporation ( TRMK Quick Quote TRMK - Free Report) gained 2.2% since the completion of the sale of its Corporate Trust business to The Peoples Bank, a subsidiary of Peoples Financial Corporation. The financial terms of the deal, announced this March, haven’t been disclosed. Trustmark’s corporate trust business focuses on providing a wide variety of trust and agency services in connection with debt securities issued by public corporations and government entities. As part of the deal, nearly 200 bond issues were transferred to Peoples Bank. TRMK will continue to provide dedicated services and expertise through its Wealth Management Division in private banking, brokerage, trust, retirement plan services, investment and portfolio management and custodial services for corporate and individual customers and non-profit firms. Trustmark’s president and CEO, Duane Dewey, stated, “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. The seamless transition process of the Corporate Trust business portfolio to The Peoples Bank has underscored our confidence that this transaction will be positive for the Corporate Trust customers.” Chevis C. Swetman, president and CEO of The Peoples Bank noted, “We are excited about this unique opportunity to leverage our outstanding existing corporate trust footprint and believe the addition of this book of business will build on the strong foundation established by The Peoples Bank and confirm our position as a leader in the corporate trust arena.” Over the past six months, shares of TRMK have rallied 7.7% against a 1.3% fall of the industry. Image Source: Zacks Investment Research
Currently, Trustmark carries a Zacks Rank #2 (Buy). You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Banks of late have been restructuring their operations to counter a challenging macroeconomic backdrop. Some of the banks that are making such moves are Truist Financial ( TFC Quick Quote TFC - Free Report) and Citizens Financial Group ( CFG Quick Quote CFG - Free Report) . Earlier this month, TFC, through its subsidiary, Truist Insurance Holdings, entered an agreement to buy the nation’s largest benefits wholesale general agency, BenefitMall, from funds managed by The Carlyle Group Inc. While the financial terms of the deal have not been disclosed yet, the transaction is expected to close in the third quarter of 2022. The acquisition is expected to add $150 million in annual revenues to Truist Insurance Holdings’ wholesale division. Likewise, Citizens Financial is on a buyout spree. This July, the company announced plans to acquire Paladin Advisors, an independent, registered investment advisor, to strengthen its private wealth management business. Earlier, CFG closed the acquisitions of DH Capital LLC and Investors Bancorp, while in February, it closed the buyout of 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A. These and other buyouts enable the company to expand its product capabilities and geographic reach.