JACKSON, Miss.--(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.
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.