Nevada’s Oldest Trust Company Throws in the Towel

Nevada’s oldest trust company decided to allow its state trust charter to expire after 107 years in the trust business. Now known as Nevada Agency and Transfer, the company is not pursuing a charter from any other state or federal agency.

Nevada’s decision to tighten the trust rules last year has made it more expensive for trust companies to operate. Other small trust companies are expected to follow the Nevada Agency and Transfer, moving their business to other states with cheaper, less stringent regulations.

See Scott Martin, Nevada’s Oldest Trust Company Calls it Quits After 107 Years in Business, The Trust Advisor Blog, July 31, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.