More MEMBERS Trust Rep Offices to Come in 2005

TAMPA, Fla. – A little more than a year after its launch, MEMBERS Trust Co. is poised to continue its reach to more credit unions in 2005. The year-old, nationally-chartered trust company is expected to open seven agency offices next year and establish 50 representative offices. Credit unions can choose to offer trust services through an agency office, which establishes a trust presence in a particular state and requires a trust officer to be physically located at a credit union. Or, they can opt for a representative office, which is an extension of the credit union’s financial services program and does not require hiring a trust officer, but instead utilizes the services of specially trained representatives to consult and make recommendations for trust services. MEMBERS Trust, which currently has 28 credit union clients, 23 owners and $74 million in assets under management, is also looking to form partnerships with retail brokers and bring trust services to smaller credit unions similar to a shared branch arrangement. Next year may also see alliances with member business services operations, according to Tom Walker, MEMBERS Trust, president/CEO and John Henry, senior vice president of CUNA Mutual and CEO of MEMBERS Development Co.