December 1, 2000
To all clients of Independent Trust Corporation:
Effective today, Millennium Trust Company, LLC has acquired the assets and
accounts of Independent Trust Corporation. The very first thing I want to do is
extend my abundant thanks for your incredible patience over the past few months.
The staff of INTRUST has made it very clear that your support is what made it
possible to get through such an unthinkable ordeal.
Please accept my apologies for not addressing this letter to you personally.
Right now, my thoughts are on how quickly I can fill you in on what is, and what
will be, happening.
Even though our company, Millennium Trust Company, LLC, is new, our
credentials are impeccable. Our ownership and management has an excellent
background in trust and investment services. In this regard, Millennium Trust is
very pleased to have the opportunity to earn your business. We are equally
pleased with the staff we've met at INTRUST and with their dedication to you,
the customer. We are very pleased that virtually all existing employees have
indicated a willingness and a desire to stay with Millennium Trust Company and
continue to serve you. No one knows your accounts as well as those who have been
working with you. Our business philosophy is to focus on the customer and on the
needs of that customer. The existing staff appears to be very comfortable with
that philosophy.
I have been advised that the Receiver for INTRUST hopes to have all accounts
"unfrozen" by the end of the first quarter, 2001. When your account is
unfrozen, please consider the following as incentives for continuing your
account with Millennium Trust Company:
-
We have made provisions to purchase several types of insurance, the most
important of which is a fidelity bond. This coverage will be in amounts that are
the largest in the trust industry and that exceed most other trust
organizations. Our fidelity bond coverage, for example, will be in the amount of
$10 million per occurrence.
-
The data processing system is being upgraded to enable more complete and
effective recognition and reporting. As part of this upgrade, we will be
offering you Internet access to your account within 60 to 90 days. I am
committed to employing whatever resources may be necessary to get this
accomplished.
-
We will be using an audit firm with an impeccable reputation in the
banking and trust industry and their audit letter will be shared with our
clients immediately upon receipt. Audits will include careful scrutiny of the
potential for "insider" transactions and the reports will contain a
specific statement to the effect that there is no such activity taking place
which would or could lead to another loss.
-
New choices for the investment of client cash will be made available. One
of these will be in an FDIC-insured bank account.
-
As another incentive, we will hold to current fee schedules for existing
clients through 2002.
Please continue to check our website, which can be accessed through either
www.intrust.com or www.mtrustcompany.com for updates on any and all pertinent
dates and information. If you want information on matters relating only to the
Receiver, go to the INTRUST site. We truly look forward to the opportunity to
maintain your account, to build a strong relationship with you, and to find ways
to serve your needs even better.
In summary, thank you for this opportunity to serve you; we are very good at
what we do and we do it in a way that we believe you will like; and we want to
prove it to you.
Sincerely,
James A. Boyd
Chief Executive Officer
Millennium Trust Company, LLC
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