Lisa Davis Allison Several mornings in the past year, F.E. Deacon III has awakened to news reports of bank mergers, buyouts and acquisitions. Two of the latest, Wachovia's purchases of Central Fidelity and Jefferson National banks, left only one Virginia-based bank in the state's top five. Many want decision-making about their money to remain in Virginia, Deacon says, and have been turning to the state's handful of independent trust companies. Service is the name of the game, no matter what your widget is. The trust business is fee-based.
Trust companies handle large amounts of money for individuals, organizations or businesses.
Services can run from managing investments to administering living trusts to acting as estate executors. Until 1993, Virginia was one of only six states that did not allow independent trust companies. In other words, trust services in Virginia could only be offered by banks. Even before the General Assembly changed the law, Tredegar was in the works. Others were The Trust Company of Virginia in Richmond, Old Dominion Trust Co. in Norfolk and Mentor Trust Co., affiliated with what is now Wheat First Union in Richmond.