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York trust company opens office in Nashville, converts charter
Shelby White//September 20, 2018
Counsel switched its charter because state laws in Tennessee are more favorable for trust companies than the laws in Pennsylvania, said Brandon E. Crooks, the recently named CEO of Counsel Trust.
“We can do everything we’ve always done, just a lot more,” said Crooks, who will manage the Nashville office.
Tennessee allows so-called directed trusts, which offer more flexibility to the clients who set them up. Pennsylvania does not have a statute allowing for directed trusts.
Tennessee also does not impose state income taxes on income and capital gains retained in a trust, Crooks said.
Other states such as South Dakota are known for favorable trust laws, but Crooks ultimately decided on Tennessee.
“It started from, which laws are best? Which laws are going to allow us to grow the most? And Tennessee checked all the boxes,” Crooks said.
Converting the charter took roughly nine months, Crooks said, noting that the process was costly.
Founded in 2002, Counsel Trust Co., has over $1.5 billion in assets under administration and other offices in York, Lancaster and Hanover in addition to its new office in Nashville.
ECA Investment Group Inc. was merged into Counsel Trust Co. in 2016.
