Northern Trust is to provide correspondent services, including its Trust/Rite trust accounting system, to support the trust operations of First National Bank of Bryan, Texas, and Salisbury Bank and Trust in Lakeville, Connecticut.
“Northern Trust’s correspondent services will allow us to manage our trust operations in-house, providing greater control and flexibility while enhancing productivity and efficiency,” says David Hailey, Senior Vice President and Trust Officer of First National Bank of Bryan. “In Northern Trust, we have a partner with deep expertise and a profile much like our own: client-focused for more than 100 years.”
Diane Johnstone, Senior Vice President of Salisbury Bank and Trust says the deal will enable the bank to develop its trust offering without a concurrent increase in operational costs. “Trust/Rite is easy to learn, simple to use, and integrates efficiently with Northern Trust’s other correspondent trust products,” she says.
According to David Batrich, vice president and director of correspondent trust sales for Northern Trust, the two appointments typify the migration from legacy service bureau systems to applications such as Trust/Rite. “With Trust/Rite, banks have the opportunity to grow their trust business while strengthening services for clients – a powerful combination for regional financial institutions,” he says.