CHICAGO, June 30 /PRNewswire-FirstCall/ -- Northern Trust announced today it will provide correspondent trust and custody-related services for three financial institutions: Piedmont Financial Trust Company in Greensboro, North Carolina; Delta Trust & Bank in Little Rock, Arkansas; and Trust Company of Vermont in Brattleboro, Vermont. TrustPortal is a SAS70-hosted solution that Northern Trust provides for trust accounting and investment management.
"We have worked with Northern Trust in the past, and utilizing the TrustPortal service is an extension of our relationship with the company. The TrustPortal software will simplify business by merging trust services, investments, client access and other solutions on a single platform," said Jim Shenep, Executive Vice President of Delta Trust Company.
Tommy Mayes, President of Piedmont Financial Trust Company, commented, "Our main goal as a company is to better serve our clients, and given the TrustPortal solution and Northern Trust's custody capabilities, this multi-functional tool will help us achieve that goal."
David DeBellis, Vice President of Trust Company of Vermont, said, "Our team was very impressed by the combination of simplicity and effectiveness with the TrustPortal software. The software's efficiency will allow us to give increased focus to relationship management, while simultaneously working with a single provider across multiple services."
TrustPortal is an integrated service platform and one-step Internet entry point for Trust Accounting, Investment Management and Client Internet Access, and Account Review applications. TrustPortal is the evolution of Trust/Rite, the stand-alone Trust Accounting application created by Northern Trust in a partnership with Fi-Tek LLC. TrustPortal applications are now installed in more than 100 financial institutions across the United States.
"Our group is seeing a flight to quality and simplicity regarding software. We believe this is a result of the cost-effective and productive environment that TrustPortal provides for users," said David Batrich, Northern Trust's director of sales for Correspondent Trust Services. Northern Trust has offered services to support the wealth management function at community and regional financial institutions for 25 years and has $100 billion in Correspondent Trust Services assets under custody.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2010, Northern Trust had assets under custody of US$3.7 trillion, and assets under investment management of US$647.3 billion. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.
SOURCE Northern Trust