Trustmark National Bank and Commonwealth National Bank enter Strategic Collaboration Agreement
August 23 2021 - 9:15AM
Business Wire
Trustmark National Bank, a wholly-owned subsidiary of Trustmark
Corporation (NASDAQCS:TRMK), is pleased to announce that a
strategic collaboration agreement has been entered with
Commonwealth National Bank as part of the Project REACh Initiative
with the Office of the Comptroller of the Currency.
The Project REACh Initiative, standing for Roundtable for
Economic Access and Change, launched on July 10, 2020, to “create
meaningful partnerships that help Minority Depository Institutions
(MDIs) remain a vibrant part of the economic landscape and
important resources in their communities.”
“Through our shared vision, Trustmark and Commonwealth will be
able to expand economic opportunities in minority and underserved
communities,” said Duane Dewey, Trustmark President and CEO. “With
over 130 years of success in the financial service business, we are
grateful for this new opportunity to demonstrate our core values –
integrity, service, accountability, relationships and
solutions.”
“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,” said
Sidney King, Commonwealth’s President and CEO. “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.”
Trustmark will provide up to $2.5 million in commercial loan
participations as well as advisory services to Commonwealth as a
mentor-bank. In keeping with the five tenets of Project REACh —
investment, technical assistance, business opportunities, executive
training, and commitment of resources — the strategic
relationship provides access to all of Trustmark’s ATMs, and
compliance support, operational, technical and administrative
assistance to Commonwealth as well as access to Trustmark’s
mortgage origination platform.
“Our collaboration with Commonwealth will provide an opportunity
to serve the financial needs of the residents and business
community in the Mobile, Alabama area,” said Michael D. Fitzhugh,
Trustmark Regional President – AL/MS Gulf Coast Region. “We are
honored to be a part of this national initiative that strengthens
minority access to economic resources.”
Commonwealth National Bank, an MDI established in 1976, serves
the community of Mobile, Alabama and surrounding areas.
Commonwealth is a member of the National Bankers Association
(“NBA”), the trade organization founded in 1927 as a voice for
black-owned banks in the United States.
About Trustmark
Trustmark Corporation is a diversified financial services
company headquartered in Jackson, Mississippi, with 180 locations
in Alabama, Florida, Mississippi, Tennessee and Texas. Trustmark
provides banking, wealth management and insurance solutions through
its subsidiaries, including Trustmark National Bank, Trustmark
Investment Advisors, Inc., and Fisher Brown Bottrell Insurance,
Inc. Visit trustmark.com for more information.
About Commonwealth National Bank
Commonwealth National Bank is a full-service nationally
chartered commercial bank. Commonwealth promotes the economic
viability of underserved communities with the goal of expanding
economic opportunity in low-income communities by providing access
to financial products and services for local residents and
businesses. Commonwealth is headquartered in the City of Mobile.
Visit ecommonwealthbank.com for more information.
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version on businesswire.com: https://www.businesswire.com/news/home/20210823005146/en/
Melanie Morgan Director of Corporate Communications &
Marketing 601.208.2979 mmorgan@trustmark.com
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