A family-owned trust company in Cumberland County has appointed a CEO from outside the family to help guide a transition to the next generation of ownership.
Janak Amin, a former midstate banking executive, began April 2 as CEO of LeTort Trust, which is based in Lower Allen Township.
It is a new position for the company but Amin is not a newcomer to LeTort, which is approaching nearly $1 billion in assets under management. He worked in the early 2010s for a bank that served LeTort, went on to provide consulting services and eventually joined the firm’s board in January 2017.
“We are one week in, but I can tell you I feel really confident that we have the right person as part of our team and I am thrilled about the future,” said Katie Clarke, president of LeTort, which was founded by her father, Marty Eichelberger.
Her brother, Dan Eichelberger, is the company’s chief investment officer. Another non-family member, Phyllis Harmon, is the company’s COO.
The oldest members of the next generation – Clarke’s children – are in high school and college. If and when they are ready, Amin is expected to help with the generational transition of ownership and preserve the company’s independence.
“We evaluated several different options but really we came pretty quickly to realize that the best strategic decision for us was to bring another executive on to the team, to work with us and to position us to have that generational growth,” Clarke said.
Amin’s role will include delivering objective advice, even if it means raising uncomfortable issues, Clarke said. “I don’t think it would be successful if we weren’t open to that type of dialogue.”
The odds of a successful transition decrease with each generation. Amin said he is looking forward to making it work at LeTort.
“You’ve got a company with very strong roots in its community, a company with great employees, skilled employees who know what they’re doing and you’ve got a great client base,” Amin said. “You don’t get many opportunities like this.”
Amin last worked at Florida-based Sunshine Bank as part of the team headed by former Central Pennsylvania bank executive Andrew Samuel. The bank was sold last year.
Before that, Amin worked at Tower Bancorp and Graystone Tower Bank, which was sold to Susquehanna Bank. He worked for Susquehanna from 2012 to 2014 before heading to Florida. He also had worked for Waypoint Bank and Sovereign Bank. LeTort was his customer at Graystone.
“We always felt that he went above and beyond for Letort,” Clarke said.
Founded in 2002, LeTort provides wealth management and retirement-plan services to businesses, institutions and individuals. It formed from the union of two previous family businesses: Eichelberger Management Services and Atgooth Advisors Inc.