...Recent Rating Actions: On Sept. 23, 2013, Fitch Ratings downgraded the long-term and short-term IDRs of Trustmark Corporation (TRMK) and its banking subsidiary, Trustmark National Bank, to `BBB+/F2' from `A¡/F1'. The Rating Outlook was revised to Stable from Negative. The downgrade primarily reflected the company's weaker earnings profile relative to higher rated banks and capital levels being managed more aggressively relative to its community bank peers. Strong Deposit Franchise: TRMK holds the highest deposit market share in Mississippi, which Fitch views positively as it provides it with relatively strong deposit and loan pricing power. TRMK maintains a solid core funding base owing to its strong deposit franchise, with core deposits representing 86% of total funding as of Dec. 31, 2013. Increased Regulatory Pressure: Following the acquisition of BancTrust Financial Group (BFTG) in 2013, TRMK has assets of greater than $10bn, the first within the community bank group to cross over the...
