Magazine article American Banker

Offitbank Seeks a Partner to Enhance Trust Services

Magazine article American Banker

Offitbank Seeks a Partner to Enhance Trust Services

Article excerpt

Offitbank Seeks a Partner To Enhance Trust Services

A year after acquiring a bank charter, Offitbank is looking to aligh with another institution to offer trust services.

The New York-based bank, which previously was an investment management firm, said such a partnership would help it satisfy client requests. A relationship with another trust division would allow Offitbank to "tap into all their internal capabilities," said Morris Offit, head of the bank that bears his name.

Mr. Offit called trust services the bank's next priority, but he did not say whether discussions had been held with other institutions.

Alliances with financial institutions are essential to the bank's niche strategy. As overseas financial institutions look to the lucrative U.S. market for affluent customers, Offitbank is hoping to team up with a foreign institution to share business lines other than trust or even partial ownership, Mr. Offit said. The Pitcairn Financial Management Group, which owns a private bank in Jenkintown, Pa., is one of Offitbank's investors, with a $500,000 stake.

Focus on Money Management

Mr. Offit aims to provide investment management services to clients, but not a full range of banking services. The bank's 52 employees focus entirely on managing money.

Offitbank takes no deposits and refers customers to other institutions for loans. "There are so many deposit-taking institutions out there," said Mr. Offit, who views commercial banks as supplementary service providers rather than as competitors. …

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