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Continue reading → The post How to Set Up a Trust Bank Account appeared first on SmartAsset Blog. Especially when it comes to the issue of assets and finances. Many people take steps like ...
When you set up a trust bank account, the bank acts as the custodian of the account. The trustee still retains control of the trust's management, though.
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These three men, through the resources of seven banks and trust companies (Banker's Trust Co., Guaranty Trust Co., Astor Trust Co., National Bank of Commerce, Liberty National Bank, Chase National Bank, Farmer's Loan and Trust Co.) controlled an estimated $2.1 billion.
News accounts published in Denver newspapers in 1915 helped clarify the closing of the Lafayette Bank and Trust. While Mary Miller was president of the bank, the Lafayette bank merged with the Louisville bank in December 1914. In early 1915, the banks were seized by state regulators and closed.
Marine Midland was founded as Marine Bank, a state-chartered bank, on July 10, 1850, with capital of $170,000. It was founded by eight men from across New York—General James S. Wadsworth of Geneseo, J. P. Beekman of Kinderhook, New York, John Arnot of Elmira, John Magee and Constant Cook of Bath, William R. Gwinn of Medina, and George Palmer and James M. Ganson of Buffalo.
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