VOL. 129 | NO. 82 | Monday, April 28, 2014
Trustmark Bank Opens Headquarters in East Memphis
By Amos Maki
Trustmark Bank has officially opened its new regional headquarters location in East Memphis.
The regional headquarters opened at the 5350 Poplar Ave. office building, which has been renamed Trustmark Centre. The bank acquired naming rights as a part of the 12.5-year lease Trustmark Corp. signed in November.
Trustmark Bank’s logo is also visible from the signature triangular cap atop the East Memphis office building, located near Poplar and Estate. Trustmark relocated from 1365 S. Germantown Road.
“We are pleased to be in our new regional corporate office space at Trustmark Centre,” said Gene Henson, president of the Memphis region for Trustmark National Bank, in a statement.
“The location on the heavily traveled Poplar corridor in the heart of the East Memphis business community is ideal as we continue to enhance our brand in the Memphis market. We view our relocation to Trustmark Centre as a demonstration of our long-term commitment to the market.”
The 163,446-square-foot Trustmark Centre is managed and leased by CB Richard Ellis Memphis. About 13,000 square feet of the first floor and a portion of the second floor includes Trustmark’s regional executive offices and a full-service branch with drive-thru and ATM banking. The building is 86 percent occupied.
“We are thrilled to welcome Trustmark National Bank to what is one of Memphis’ most popular office buildings,” said Patrick Reilly, vice president of Office Asset Services with CB Richard Ellis Memphis, in a statement.
Originally constructed for Crump Insurance in 1973, the building later served as the Memphis headquarters of Sedgwick James Inc. The building underwent $3.84 million of capital improvements in 1997 when CBRE Memphis began managing the property.
The Trustmark lease signed in the fourth quarter of 2013 was one of several office deals that helped the market notch quarterly absorption of 225,338 square feet, the largest positive absorption the market experienced during any quarter in more than 10 years. All of that activity helped drive down the vacancy rate for Class A space in the East submarket by 5.4 percent in the quarter.
Meanwhile, Trustmark Corp. has had a strong start to 2014.
The parent company of Jackson, Miss.-based Trustmark Bank reported net income of $29 million in the first quarter, up 13.2 percent compared to one year earlier. Trustmark president and CEO Gerard Host said the quarter’s results, coupled with its profitability and strong capital base, mark a positive start to its 125th year in business.
Among Trustmark’s other results for the quarter: Commercial real estate loans grew by almost $50 million, while the bank’s construction and consumer lending portfolios were relatively flat. Mortgage loan production during the first quarter was $230 million, down 16.6 percent from the prior quarter.
The bank said that reflected a decline in refinance activity following an extended low interest rate environment.