8-KThe WireRoutine
Company Update
Filed Jun 30, 2021 · 5y ago · Accession 0001564590-21-035366
Plain English
Material event — a significant development the company must disclose promptly.
Read the source below for the full document.
Filing text
View original ↗UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
June 30, 2021
Date of Report (Date of earliest event reported)
TRUSTMARK CORP ORATION
(Exact name of registrant as specified in its charter)
Mississippi
000-03683
64-0471500
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
248 East Capitol Street , Jackson , Mississippi
39201
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:
( 601 ) 208-5111
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered Pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, no par value
TRMK
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events
On June 30, 2021, Trustmark Corporation (“Trustmark”) announced the sale of substantially all Paycheck Protection Program (“PPP”) loans originated in 2021 by its wholly owned subsidiary, Trustmark National Bank (“TNB”), to The Loan Source, Inc. (“Loan Source”), a firm with significant expertise in PPP loans. Trustmark associates worked tirelessly to secure funding for businesses during the COVID-19 pandemic to keep their staffs employed and support local economies by actively participating in the Small Business Administration’s PPP. As a result of this transaction, Loan Source will assume responsibility for the servicing and forgiveness process for the loans it has acquired from Trustmark. Trustmark understands that Loan Source has made significant investments in technology and personnel to aid PPP borrowers through the forgiveness process via an online portal. This transaction will allow Trustmark to focus on more traditional lending efforts and increase its ability to provide customers with financial services in an improving economic environment.
On a pre-tax basis, Trustmark expects to accelerate the recognition of unamortized PPP loan origination fees, net of cost, of approximately $18.6 million, in the second quarter of 2021 due to the sale of approximately $354.2 million in PPP loans. This revenue is substantially the same as Trustmark would expect to recognize upon the maturity or forgiveness of the PPP loans being sold in this transaction, and thus this transaction serves to accelerate revenue anticipated in future periods into the second quarter.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRUSTMARK CORPORATION
BY:
/s/ Thomas C. Owens
Thomas C. Owens
Treasurer and Principal Financial Officer
DATE:
June 30, 2021
Filing details
- Company
- TRUSTMARK CORP
- Ticker
- TRMK
- CIK
- 36146
- Form type
- 8-K
- Filing date
- Jun 30, 2021
- Report date
- Jun 30, 2021
- Document
- trmk-8k_20210630.htm
- Size
- 167 KB