RUSTON – Atlanta-based TMI Holdings announced today it has received all required approvals and has completed its merger with Argent Financial Group, an independent fiduciary wealth management company based in Louisiana. TMI Trust Company will now operate as a wholly owned subsidiary of Argent under its new name Argent Institutional Trust Company.
“We are genuinely excited to join Argent,” said TMI Executive Chairman Tony Guthrie. “As I’ve shared before, this merger provides additional depth in services and resources available for our clients. Also, as we’ve waited on the necessary approvals, individuals from both TMI and Argent have been working to prepare for our new future together. I’ve been incredibly pleased and proud of how well our corporate cultures have already begun to dovetail together. It’s cliché to say, but this is truly a match made in heaven.”
With this transaction, Argent now has responsibility for more than $65 billion in client assets and three million mineral acres, further securing its position as one of the largest independent fiduciary wealth management firms in the southern United States.
“We are pleased to move forward with TMI joining Argent,” said Argent Financial Group CEO Kyle McDonald. “The addition of TMI’s broad institutional capabilities and expertise to our already strong slate of wealth management services further strengthens and deepens the numerous ways in which we can serve the custody, investing and planning needs of all manner of investors, from individuals and families to large private, public, and non-profit organizations.
As previously announced, Guthrie joins Argent Financial Group as president, remaining executive chairman of Argent Institutional Trust Company. Chris Teevan, TMI’s chief operating officer, has been named Argent’s chief operating officer. TMI’s chief strategy officer, Chris Pitrof, has been named Argent’s chief strategy officer. Management of Argent Institutional Trust Company and its operating businesses remains fully in place post-merger under the leadership of TMI Trust CEO Steve Eason.
Argent Financial Group, Inc. and TMI Holdings, Inc. were advised by Berkshire Global Advisors. Berkshire provided advisory services to the Board of Directors of Argent Financial and advisory services and a fairness opinion to the Board of Directors of TMI Holdings.
The law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as legal advisor for Argent Financial Group.
Fenimore Kay Harrison LLP served as legal counsel to TMI Holdings.