New ESOP acquisition for GreatBanc Trust Company
GreatBanc Trust Company in Lisle has completed the acquisition of the ESOP business from Lubbock National Bank of Lubbock, Texas.
LNB's parent, Amarillo National Bank, wished to discontinue the ESOP services offered by LNB.
This presented GreatBanc the opportunity to purchase the LNB ESOP business.
"GreatBanc is the one player that is fully committed to the ESOP business," said GreatBanc President and CEO James Staruck. "While others get out of the business, GreatBanc continues to renew its commitment to it. Serving the ESOP community is not just a job to us. It is our passion."
As part of the acquisition, LNB employee Rob Borowy will join GreatBanc as Vice President, where he will continue to serve his LNB ESOP clients. Coincidentally, unrelated to the acquisition, a former employee of LNB, Mary Lynn Hanna, was hired by GreatBanc. Ms. Hanna has been serving GreatBanc as Senior Vice President, Fiduciary Analyst, since September. Both Mr. Borowy and Ms. Hanna continue to reside and work from Texas, adding their many years of experience to GreatBanc's staff of 50 other dedicated financial services professionals.
Reinforcing Greatbanc's national reputation, Mr. Staruck said, "We were put in touch with LNB through an industry contact in their region. We see this as a tremendous opportunity to have a significant presence in the Southwest, a growing and vibrant area for business of all kinds."
Since it was founded in 1989, GreatBanc has become one of the largest single providers of trustee and other fiduciary services for institutional clients with ESOPs. Widely known throughout the U.S. for its wide-ranging book of business, GreatBanc has grown organically, through word of mouth, and through other key acquisitions of ESOP businesses. GreatBanc previously acquired ESOP businesses from BMO Harris/North Star Trust, HSBC Bank USA, The Trust Company of Knoxville, the former LaSalle Bank N.A. and Bankers Trust Company.