Sterling Trust opens with $2.2 million in stock capital

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A new trust company is in town.|ret||ret||tab|

Sterling Trust Company Inc. opened its books March 3 with $2.2 million in capitalization from 11 local investors.|ret||ret||tab|

Terry Henry heads the company as president and CEO.|ret||ret||tab|

"There are 11 investors and those represent a good broad diversity of entrepreneurial types in the community," said Henry, who left his senior vice president position at UMB Bank for the new venture.|ret||ret||tab|

According to the company's state charter, filed with the state of Missouri Division of Finance, Sterling Trust reports $1.1 million in common stock and a surplus of $1.1 million.|ret||ret||tab|

Also on board is Rick Imhoff, who spent 13 years with Empire Bank Trust Services, and Sandy Davis, former Assemblies of God Financial Services Group senior trust officer and Springfield Trust Company senior vice president. Imhoff is senior vice president and Davis is head of operations for Sterling Trust.|ret||ret||tab|

Imhoff made the jump because of the opportunity to be with a company fully committed to investment management and trust services, he said.|ret||ret||tab|

"We're focused on one thing," Imhoff said. "There are not other departments where you're competing with dollars and resources."|ret||ret||tab|

Henry said Sterling Trust provides a full array of trust services and asset management, "from the traditional estate acting as a personal representative or executor (to) acting as trustee for individual's personal trusts, as well as going over into the corporate asset management, helping corporations manage their 401(k)s or retirement plans."|ret||ret||tab|

Sterling Trust joins Springfield Trust Company and Trust Company of the Ozarks as the local companies specifically in the trust business. There are several banking institutions that also offer trust services.|ret||ret||tab|

Springfield Trust Company Senior Vice President Troy Kennedy welcomes the start-up venture to the marketplace.|ret||ret||tab|

"We feel that there is room in the market for another company," Kennedy said. "They've put together a first-rate group of not only investors, but employees."|ret||ret||tab|

There is still business to be had, he added.|ret||ret||tab|

"There is a lot of competition in Springfield and they will just add to that."|ret||ret||tab|

The key to success for Henry is offering valuable service to his clients.|ret||ret||tab|

"Especially in this time of change in the financial markets," he said. "There's a need to rise to a level of integrity as never before. You don't just open your doors and say, Here we are, come get us.' You need to go out in the community and prove yourself."|ret||ret||tab|

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