FOR IMMEDIATE RELEASE
ICBA and Kanaly Trust Announce Strategic Partnership
Las Vegas, Nev. (March 11, 2013)—The Independent Community Bankers of America® (ICBA) today announced a new strategic partnership with Kanaly Trust to provide community banks with a unique option to maximize their existing trust and wealth management assets. The announcement was made during the 2013 ICBA National Convention and Techworld® at the Wynn Las Vegas and Encore.
“Many community banks have successful and growing trust and wealth management offerings, but others face challenges, including succession, compliance and a difficult operating environment. Too often these banks are faced with divesting these valuable assets and risking client relationships,” ICBA Services Network President and CEO Gary Teagno said.
Kanaly Trust is a wealth management firm with more than $2 billion in assets under management. In addition to wealth management services, the company provides trust/estate services to families, individuals and estates. The firm is independent of any banking or corporate relationships and does not promote specific financial products or services. Along with ICBA, the new solution is backed by Lovell Minnick Partners, a private equity firm that invests in financial service companies and SEI (NASDAQ: SEIC), a leading global provider of outsourced processing and wealth management solutions for institutional and private clients.
With more than 35 years of experience, along with access to substantial capital, technology and human resources, Kanaly Trust will deliver comprehensive offerings and targeted expertise to clients. “This is a truly unique partnership that offers community banks a new solution for their trust wealth management businesses,” Bill Rankin, CEO of Houston, Texas,-based Kanaly Trust, said.
“Through this strategic partnership, ICBA member banks will now have a strategic alternative with a non-depository—without risk of losing deposits or related lending,” Cynthia Blankenship, ICBA Services Network chairman and vice chairman and chief operating officer, Bank of the West, Grapevine, Texas, said. “In the end, this is an opportunity for community banks who may wish to free up capital while continuing to provide unparelled services to their most valued trust clients.”
For more information, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.