Mississippi-based Trustmark National Bank has entered a strategic collaboration agreement with Mobile’s Commonwealth National Bank.
The agreement is part of the Controller of the Currency’s Project Reach — or Roundtable for Economic Access and Change — designed to help minority-owned institutions “remain a vibrant part of the economic landscape and important resources in their communities.”
Founded in 1976, Commonwealth National is part of the National Bankers Association, a trade group created in 1927 as a voice for the country’s black-owned financial institutions.
“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.”
Commonwealth’s President and CEO Sidney King added, “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. 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 plans to provide up to $2.5 million for commercial loans, as well as mentorship for the bank. The agreement also provides access to Trustmark’s ATM network, mortgage origination department and other services.
Based in Jackson, Mississippi, Trustmark also has offices in Alabama, Florida, Tennessee and Texas.
