Independent Banker - January 2022 - 24

PORTFOLIO
◎FOCUS SERVICES
The ins and outs of
offering specialty
trust and tax services
To satisfy the banking needs of some commercial and high-networth
clients, some community banks provide trust and tax strategy
services. These banks report that specialized services are a way to
deepen their already close customer relationships. By Don Sadler
aunching new services to crosssell
to existing customers is
one path to organic growth for a
community bank. For some banks,
those services include specialty trust
and tax strategy services.
Some banks outsource these to
external service providers, but others
find that offering them in-house can
strengthen the trusted relationships
they've built with their commercial
and high-net-worth customers.
United Community Bank in Mount
Sterling, Ill., is one community bank
that offers a wide range of trust and
tax services. These include fiduciary,
custodial and escrow agency
services, managed agency accounts
and 1031 exchange services.
The $3.5 billion-asset community
bank has been involved in the
trust business since its inception
more than 100 years ago. " But this
part of our business has grown
as we've made acquisitions, " says
Philip Krupps, United Community
Bank's wealth management and
market president.
L
The bank manages these services
itself, which Krupps believes is
critical to maintaining the close
customer relationships it has
cultivated. " The more sophisticated
the technology, the higher the touch
is needed with clients, " he says.
" Keeping these services in-house
also gives us more control over how
they're delivered. "
Patrick Pacheco, executive
vice president and trust and
asset management executive at
$47.8 billion-asset Cadence Bank in
Houston, Texas, says trust and asset
management money tends to be
" sticky " due to the tight relationships
that community banks usually have
with commercial and high-networth
clients.
" The relationships are sticky,
but the products themselves are
24 Q ICBA Independent Banker Q January 2022
Photo by Shapecharge/Getty Images

Independent Banker - January 2022

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Table of Contents
Independent Banker - January 2022 - Cover1
Independent Banker - January 2022 - Cover2
Independent Banker - January 2022 - Table of Contents
Independent Banker - January 2022 - 2
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