Trusts

The crypto industry thought it could do trust better than the banks, found out it couldn't and realized it needs rules to guarantee trust.

Cryptocurrency companies have rushed to apply for national trust charters from the Office of the Comptroller of the Currency during the second Trump administration after remaining on the sidelines for years. Experts say the trust charters offer them scale, Fed access and legitimacy without the full regulatory burden of traditional banks.

Allowing clients to surrender or lapse life insurance policies before gauging value on the secondary market amounts to a fiduciary fail, argues Cole Hallman of Citizens Life Group.

The Buffalo-based bank didn't specify the size of potential losses from a suit that grew out of the collapse of subprime auto lender Tricolor Holdings. M&T said its trust subsidiary will "vigorously defend itself" against claims by investors who allege that it should have protected them from alleged fraud.

Jersey-based JTC will pay $80 million for Citigroup's global fiduciary and trust administration services business.

Jordan Summers, formerly the Detroit bank's chief fiduciary officer, succeeds Robert Sajdak as CEO. Sajdak recently retired after leading Credit Union Trust since its 2018 launch.

ATG Trust, which has $387 million of assets under management, handles land trusts and administers court-supervised guardianships.

The Indiana company agreed to acquire Hoosier Trust, which manages about $300 million in assets.

Credit Union Trust, a new credit union service organization, has obtained a bank charter that it will use in offering trust and investment-related services.

The company will open its first office in Iowa after buying the business from Bankers Trust.

Credit Union Trust is targeting a Q1 2019 opening, pending regulatory approval.

Southeastern Trust is being sold to a group led by the unit's management team.

The purchase will significantly increase Hancock's assets under management and administration.

The deal includes roughly 120 client relationships. Employees in CenterState's trust department will join Cypress Trust.

Plimoth Investment Advisors, a firm owned by two mutuals in Massachusetts, is buying the business.