Northern Trust will provide correspondent trust and custody-related services for three financial institutions: Republic Bancorp, in Louisville, Merrimack County Savings Bank in Concord and Essex Street Associates in Beverly. Northern Trust delivers trust accounting and investment management services through the TrustPortal, a wealth management focused solution for financial institutions.
According to the Northern Trust, TrustPortal is an integrated service platform and one-stop internet entry point for trust accounting, investment management and client internet access, and account review applications.
Joe Sutter, vice president of Republic Bancorp, said: “The TrustPortal will streamline our business by combining trust services, investments, client access and other solutions on a single platform. This multi-functional platform, along with Northern Trust’s domestic and global custody capabilities, will provide us with the tools to better serve our clients.”
Paul Provost, senior investment executive of Merrimack County Savings Bank, said: “TrustPortal is a flexible solution that will allow us to work with one provider who delivers multiple services.”
Jim Angelakis, chief financial officer at Essex Street Associates, said: “The TrustPortal solution provides efficiency and productivity, allowing us to focus on the relationships and decisions that add the most value for our clients.”
David Batrich, director of sales for correspondent trust services at Northern Trust, said: “We have seen a migration from older applications to the TrustPortal resulting from our opportunity to provide a cost-effective, productive environment for all users.”
