Trustmark in Jackson, Miss., has agreed to sell its corporate trust business to Peoples Financial in Biloxi, Miss.
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.