Send me real-time posts from this site at my email
Zacks

Trustmark (TRMK) Inks Alliance With Commonwealth National

As part of the Project REACh Initiative with the Office of the Comptroller of the Currency, Trustmark National Bank, the wholly-owned subsidiary of Trustmark Corporation TRMK has entered into a strategic alliance with Commonwealth National Bank.

Through this collaboration, Trustmark and Commonwealth will be able to amplify economic opportunities in minority and underserved communities. The Project REACh Initiative was inaugurated on Jul 10, 2020.

Trustmark will impart up to $2.5 million in commercial loan participations and advisory services to Commonwealth as a mentor-bank. Upholding the five doctrines of Project REACh — investment, technical assistance, business opportunities, executive training, and commitment of resources — the strategic partnership between the two firms will provide access to Trustmark’s mortgage origination platform and access to all of its ATMs. Apart from this, it will also garner compliance support, operational, technical and administrative aid to Commonwealth.

Trustmark Regional president – AL/MS Gulf Coast Region, Michael D. Fitzhugh, remarked “Our collaboration with Commonwealth will provide an opportunity to serve the financial needs of the residents and business community in the Mobile, Alabama area. We are honored to be a part of this national initiative that strengthens minority access to economic resources.”

Commonwealth’s president and CEO, Sidney King, said, “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.”

Shares of Trustmark have gained 11.8%, so far this year, underperforming 25.5% growth recorded by the industry it belongs to.


Image Source: Zacks Investment Research

Currently, Trustmark carries a Zacks Rank #3 (Hold).

Stocks to Consider

Better-ranked stocks in the same space include Bank7 Corp BSVN, FVCBankcorp, Inc. FVCB and Allegiance Bancshares, Inc. ABTX.

The Zacks Consensus Estimate for Bank7’s 2021 earnings has witnessed an upward earnings estimate revision of 6.7% over the past 30 days. Moreover, its share price has jumped 43.7%, year to date. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

FVCBankcorp flaunts a Zacks Rank #1, at present. The Zacks Consensus Estimate for the current-year earnings witnessed an upward earnings estimate revision of 6.7% in the past 30 days. The company’s share price has rallied 35.1%, year to date.

Allegiance Bancshares, with a Zacks Rank #2 (Buy), witnessed an upward earnings estimate revision of 8.6% for the ongoing year over the past 30 days. The company’s share price has gained 10.6%, year to date.


Tech IPOs With Massive Profit Potential

In the past few years, many popular platforms and like Uber and Airbnb finally made their way to the public markets. But the biggest paydays came from lesser-known names.

For example, electric carmaker X Peng shot up +299.4% in just 2 months. Think of it this way…

If you had put $5,000 into XPEV at its IPO in September 2020, you could have cashed out with $19,970 in November.

With record amounts of cash flooding into IPOs and a record-setting stock market, this year’s lineup could be even more lucrative.

See Zacks Hottest Tech IPOs Now >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Trustmark Corporation (TRMK): Free Stock Analysis Report
 
Fvcbankcorp, Inc. (FVCB): Free Stock Analysis Report
 
Allegiance Bancshares, Inc. (ABTX): Free Stock Analysis Report
 
Bank7 Corp. (BSVN): Free Stock Analysis Report
 
To read this article on Zacks.com click here.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue