Trustmark National Bank Announces $60 Million Allocation Award for Southern Community Capital, LLC
Trustmark National Bank, a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS:TRMK), is pleased to announce that its subsidiary, Southern Community Capital, LLC (SCC), has been selected to receive a $60,000,000 allocation award for investment in community projects under the New Markets Tax Credit Program (NMTC Program).
Administered by the U.S. Treasury's Community Development Financial Institutions Fund (CDFI Fund), the NMTC Program was established by Congress in 2000 to spur investments in businesses and real estate projects located in low-income communities. SCC has received two previous NMTC Allocation Awards totaling $100 million. The NMTC Program attracts private capital into low-income communities by permitting investors to receive a tax credit against their federal income tax in exchange for making investments in projects in economically distressed communities.
"Southern Community Capital is appreciative of CDFI Fund's continued support of its efforts to deploy this highly flexible resource into underserved, predominantly rural communities in Alabama, Florida, Mississippi, Tennessee and Texas," said Monica Day, President and CEO of Southern Community Capital. "We will use the NMTC allocation to focus on financing borrowers whose projects will provide access to quality jobs and training, including workforce development and job skills."
Trustmark, through SCC, is continually looking for quality NMTC projects that strengthen and enhance the communities in which it serves. For more information on how to obtain an equity investment through the NMTC program from Trustmark or an allocation from SCC, please contact [email protected] or visit www.trustmark.com/southerncommunitycapital.
About Trustmark
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 FBBINSURANCE. Visit trustmark.com for more information.
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