The $17.6 billion-asset Trustmark
said in a press release Thursday that it expects to sell the business in the
second quarter.
Peoples said in a regulatory filing that it will pay $650,000 for the business, subject to adjustment.
Trustmark's corporate trust business provides trust and agency
services in connection with debt securities issued by public corporations and
government entities. About 200 bond issues will be transitioned to Peoples.
"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,"
Duane Dewey, Trustmark's president and CEO.
"We are pleased that our corporate trust customers will
enjoy the same level of service from [Peoples] that they have come to expect
from Trustmark,” Dewey added.
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