South Dakota Top State for Trust Companies
According to public records, South Dakota now has 39 trust companies and is the top choice. Delaware is next, with 32 trust companies, followed by Nevada with 29.
There’s strong evidence that the state benefits. According to the state’s 2009 annual report, the South Dakota Division of Banking brought in a record $262,651 in combined examination and supervision fees from hosting trust companies. To keep the fees flowing, state lawmakers are considering a bill that would further “strengthen the legal and regulatory framework for public trust companies.”
United Western Bancorp has now applied for a trust charter in South Dakota about a year after selling it’s trust division. United Western claims to one of the largest savings bank in the western United States.
See Jerry Cooper, Colorado Bank to Restart its Texas Trust Company in South Dakota, Feb. 12, 2010.