Delta Trust Co. of South Dakota Inc. and Bridgeford Trust Co. LLC, which has an office in Hampden Township, have put the finishing touches on a merger.
Under the merger, South Dakota-based Delta Trust is being folded into Bridgeford Trust, according to a Melissa Roberson, a Bridgeford Trust spokeswoman. Terms of the agreement were not disclosed.
The combined entity will operate as Bridgeford Trust out of offices in Pennsylvania, South Dakota and other states.
All trust administration and corporate governance functions will be handled at Bridgeford offices in Pierre and Sioux Falls, South Dakota, which is known for having laws favorable to trust operations.
All consultative, planning, business development and marketing activity will be coordinated through Bridgeford Advisors Inc., a sister company of Bridgeford Trust. Bridgeford Advisors has offices in New York City, Los Angeles, Miami and Philadelphia, in addition to South Dakota and Hampden Township.
“The ‘New Bridgeford Trust’ is a perfect marriage of two exceptional trust companies bringing together very powerful and complementary strengths and many years of experience,” David A. Warren, co-founder and chairman of Bridgeford Trust, said in a statement. Warren also is president and CEO of Bridgeford Advisors.
Bridgeford will have $3.5 billion in assets under administration by year end, according to Roberson.
Delta Trust was established in 1992 by the descendants of James Ford Bell, the founder of General Mills. It evolved into a public trust company, serving the fiduciary needs of a limited number of large families.
Founded in 2012, Bridgeford Trust provides trust and fiduciary services to families across the country and around the world, leveraging South Dakota’s progressive trust laws.
Hampden Township-based accounting and advisory firm McKonly & Asbury LLP has a minority ownership stake in Bridgeford Capital Group, the holding company that owns Bridgeford Trust and Bridgeford Advisors.
McKonly & Asbury has an additional office in Lancaster.