Banking: Helping Non-Depository Trust Companies Do Business in Other States
Verrill has helped to form more non-depository trust companies in Maine than any other law firm. We have also helped our trust clients when they look to expand their business into other states.
In 2010, Verrill worked with one of its trust company clients to obtain approval to do business in Massachusetts. To obtain that state’s approval, we needed to demonstrate that Maine law offered reciprocity to Massachusetts trust companies seeking to do business in Maine. Verrill moved forward to analyze the laws, and upon finding sufficient reciprocity, sought and obtained a letter of support from the Maine Bureau of Financial Institutions. Armed with this letter, the Maine trust was able to obtain approval to do business in Massachusetts.
In 2011, we helped another trust company client obtain approval to do business in New Hampshire. Like Massachusetts, New Hampshire has a reciprocity statute requiring a showing that the home state of the trust company allowed New Hampshire trusts to do business on the same terms as New Hampshire would allow trusts from the home state. We analyzed Maine law through this lens, and determined that Maine law did have reciprocity with New Hampshire law. Several short weeks later, we obtained a letter of support from the Maine Bureau, and received final approval from the State of New Hampshire.
As our clients look to grow and expand, we are pleased to be able to help them meet their goals.