Friday, May 24, 2024

Argent Financial Group expands with acquisition, adds institutional clout

by BIZ Magazine

RUSTON, La., May 30, 2023 – Atlanta-based TMI Holdings announced today a planned merger with Argent Financial Group, the largest independent fiduciary wealth management company in the South. The merger is pending approval from regulatory authorities and TMI stockholders.

With this merger, Argent will have responsibility for more than $65 billion in client assets and three million mineral acres, and the company’s headcount will grow to 425 professionals operating 44 offices across 38 markets in 15 states, including Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Wisconsin.

“Argent and TMI’s management teams have a long-running relationship. We are pleased to welcome TMI to the Argent family,” said Argent Financial Group CEO Kyle McDonald. “TMI’s approach to institutional services and family wealth management aligns effortlessly with our business philosophy and, like Argent’s, TMI’s clients are accustomed to a high level of personal service. This is a win for both of our companies and, most importantly, our clients.”

“We are excited to formally establish this partnership with Argent,” said TMI Executive Chairman Tony Guthrie. “Having personally known Kyle and others in Argent’s leadership for many years, this was an easy decision. We believe this merger provides additional depth in services and resources available for clients of both companies.”

TMI’s flagship entity, TMI Trust Company, operates multiple business lines focused on institutional trusts, corporate trusts, custody and related services. Salem Trust Company, operating as a business line inside TMI Trust, provides retirement plan custody services.

With this merger Argent also announced the assimilation of TMI officers: Guthrie will join Argent Financial Group as president and will remain executive chairman of TMI Trust. Chris Teevan, TMI’s chief operating officer, will be named Argent’s chief operating officer. TMI’s chief strategy officer, Chris Pitrof, will be named Argent’s chief strategy officer. Management of TMI Trust and its operating businesses will remain fully in place post-merger under the leadership of TMI Trust CEO Steve Eason.

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