The Bank of New York is buying the corporate trust business of INTRUST Bank, N.A, through its indirect subsidiary, BNY Trust Company of Missouri. INTRUST Bank is a wholly owned subsidiary of INTRUST Financial Corp, headquartered in Wichita, Kansas.
The transaction involves the transfer of more than 300 bond trust and agency appointments for corporations and municipalities in Kansas and the surrounding states. The transaction is expected to close during the second quarter of 2003. Terms of the agreement were not disclosed.
In recent years, The Bank of New York and its affiliates have acquired the corporate trust businesses of several providers in the central United States, including Boatman’s National Bank, Mercantile Bank and Trust, Union Planters National Bank and Central Bank.
Headquartered in St. Louis, BNY Trust Company of Missouri was formed in 1997 and has grown to become a major provider of corporate trust services in the central United States.
“We have made significant investments to support the expansion of our trust business in the central U.S. and look forward to offering our new clients the highest quality services available in the marketplace,” says Mike Klugman, executive vice president of BNY Trust Company of Missouri and co-division head for municipal trust services at The Bank of New York.
Troy Jordan, senior vice president of INTRUST Wealth Management, added: “We are very pleased to be able to work with The Bank of New York on this acquisition.
Our clients have come to expect a high standard of service, and The Bank of New York, with its excellent reputation, is committed to delivering at that same level.”
Founded in 1876, INTRUST had assets of $2.4 billion at 31 December 2002.