Trust company startup gets state approval

Last edited 3:12 p.m., July 6, 2017

Missouri Trust and Investment Co. yesterday received approval of its charter from the Missouri Division of Finance.

CEO Tim Parrish said the new entity is the only independent trust company based in Springfield, after Springfield Trust and Investment Co. was purchased by Central Trust & Investment Co. in October 2009 and Trust Company of the Ozarks was bought by Simmons First National Corp. (Nasdaq: SFNC) in November 2015.

“A lot of referrals for a trust company come from bankers,” Parrish said. “And there are banks throughout the state that for one reason or another do not have their own trust department. They really didn’t have a good place to refer their customers except to a competitor.”

The firm will offer trusts, investment management, IRAs and financial planning, with most accounts having a minimum value of $250,000.

The business is operating from a temporary office at 3828 S. Fremont Ave. until construction of the new National Place building finishes, sometime in November, at 3100 S. National Ave.

Micky Hull, a review examiner for the Springfield and central Missouri regions at the Division of Finance, said proposed businesses are vetted in regards to their business strategy, their technological systems and the amount of capital raised.

“They provide biographical financial information on the organizers and principal management team,” he said. “It provides general information on the fitness of the individuals for the tasks and roles that they will be undertaking to make sure that they are essentially qualified.”

During the planning stage, the new trust company raised $3 million, Parrish said.

There are 48 mostly undisclosed shareholders, Parrish said, including six attorneys, four certified public accountants, six bankers, 13 bank investors, four real estate agents, two insurance agents and two brokers.

The board of directors, all of whom are shareholders, includes two staff members and five others:
    •    Parrish;
    •    David Appleby, chief trust counsel, of Appleby Healy Attorneys at Law PC;
    •    Bob Helm, CPA;
    •    Tim O’Reilly;
    •    Nancy O’Reilly;
    •    Teresa Hall; and
    •    David Healy.
    
Other employees include:
    •    Jeremy Loftin, formerly vice president and relationship manager for Central Trust Co., shareholder;
    •    David Richards, chief investment officer, formerly senior portfolio manager at Simmons Bank, shareholder;
    •    Diane Musick, operations manager, formerly a trust associate at Central Trust Co.;
    •    Jackie Higgins, administrative assistant, formerly of Central Trust Co.;
    •    Jenifer Martin, operations consultant, formerly of Trust Company of the Ozarks;
    •    Sharon Jobe, portfolio manager, formerly of Trust Company of the Ozarks, shareholder; and
    •    Keith Robinette, chief operations officer, who sold his CPA office, shareholder.

There are 31 trust companies chartered in Missouri, four of which are listed as nondeposit and none of which are based in Springfield.