Chemical Banking Corp. has set up a personal trust division in California by affiliating a mone-management subsidiary in the state with a trust bank inherited from Manufacturers Hanover Corp.
The new trust unit, which will operate as part of Chemical Trust Co. of California, is based in Glendale.
Its managing director is Richard Snyders, who will retain his post as president of Van Deventer and Hoch, an investment advisory firm that chemical acquired in 1978.
Managing $1 Billion
Van Deventer, also based in Glendale, manages over $1 billion for individuals, trusts, and retirement funds. Chemical said it will work closely with the new trust division.
Victor P. Whitney, formerly the chief fiduciary officer of Chemical Trust Co. of Florida, has been named senior vice president and chief fiduciary officer of the new trust unit.
Chemical Trust Co. of California was formerly known as Manufacturers Hanover Trust Co. of California.
It specializes in stock transfer and corporate trust services, Chemical said.