MEMBERS Trust Co. Gets FDIC OK, Opens Its Doors
MEMBERS Trust Company, the newly formed national trust cooperative providing trust services to credit union members, has opened its doors.
Final regulatory approval was received from the FDIC in mid-October, which completed the post-charter process started in June, when the federal Office of Thrift Supervision granted charter approval for MEMBERS Trust Company to do business in all 50 states.
"We are now ready to bring trust services to credit unions who have in the past had no choice but to send their members to a bank," said Tom Walker, president and CEO of MEMBERS Trust Co.
At an Oct. 28 organizational meeting in Tampa, representatives of the two trust company shareholders, Suncoast Schools FCU and CUNA Mutual Insurance Society, formally elected a board of directors and appointed Tom Dorety board chairman. Dorety is president/CEO of Suncoast Schools. Board members are John Henry, CUNA Mutual Group senior vice president and CEO of MEMBERS Development Company; Blaine Rieke, retired CEO of Firstar Trust Company; Jonathan Rich, trust attorney, Holland & Knight LLP, Orlando; and Ed Callahan, retired CEO of Patelco CU, San Francisco.
Directors also took action to merge the 16-year-old trust company at Suncoast Schools into MEMBERS Trust Co.