After 18 years as a standalone asset manager, Springfield Trust and Investment Co. has sold to Central Trust & Investment Co.
Under the deal struck last week, Springfield Trust brings to the table $600 million in managed assets to fold in to Jefferson City-based Central Trust's $3 billion asset portfolio. The terms of the transaction were undisclosed, though officials said it's expected to close by the end of October.
Springfield Trust officials say they were soliciting buyers for several months and had hired BKD Corporate Finance to iron out a deal.
"We were looking to partner with a larger independent trust company to provide our clients more depth and more resources," said Springfield Trust's board Chairman and President John Courtney.
Central Trust's parent company, Central Bancompany, owns Empire Bank and Ozark Mountain Bank, along with 11 other banks in Missouri and Oklahoma.
The combined trust company will have offices in Springfield, Branson, Nixa, St. Louis, Kansas City, Columbia, Jefferson City and Osage Beach, and employ about 100 financial professionals.
Once combined, Springfield Trust Co.'s 1906 E. Battlefield Road office and another subsidiary in Osage Beach will eventually change to the Central Trust name, though a time frame has not been set.
Jami Peebles, Central Trust's senior vice president and trust manager in Springfield, will be in charge of the combined company in southwest Missouri.
"We had been looking to expand, and we have recently added people here," said Peebles, who moved in March to Central Trust from U.S. Bank. "When this opportunity became available, we were very excited. We think this is a home run for Springfield Trust & Investment Co., for Central Trust & Investment, and for employees and customers."
While customers should notice little change in daily operations - Peebles said the two companies even use the same computer software, meaning customer statements will look the same - there may be some changes in management.
Courtney will remain with the company as a member of Central Trust's advisory board of directors in Springfield, and Central Trust President and CEO Bob Jones said most of the STC management structure should remain in place, though final decisions have yet to be made.
"(Personnel) discussions couldn't really start until there was an agreement signed," Jones said. "We've been working right now on making sure employees understand the agreement, so we haven't had a chance to hammer out those details."
While the decision to sell the company may be difficult for Courtney, who founded Springfield Trust in 1991, he said he's pleased with reaching $600 million in assets managed in less than two decades.
"I never dreamed we'd get this big," Courtney said. "But without the depth of a bank and a larger organization, we can't provide certain services our customers may need. Central Trust is a Missouri company, which was very important to us, and they believe in the same level of customer service to their customers that we do to ours, which has been the biggest reason for our success."[[In-content Ad]]
