
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, January 5, 1994                   TAG: 9401050015
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: Associated Press
DATELINE: RICHMOND                                LENGTH: Short

SCC OKS NEW TRUSTS UNDER LAW

The first new independent trust companies have won approval from Virginia regulators under a law that took effect in July.

The State Corporation Commission has approved for operation The Trust Company of Virginia and The Tredegar Trust Co. Both companies plan to open before the end of February, to be based in Richmond and headed by former bank trust executives.

F.E. Deacon III, president and chief executive officer of Tredegar Trust, is a former senior vice president of Central Fidelity Bank.

Tredegar Trust will focus on delivering "hands-on, confidential service through state-of-the-art technology," said Preston S. Smith, executive vice president and treasurer.

The Trust Company of Virginia is headed by Douglas A. Nunn, most recently a senior executive trust officer with a Kentucky-based bank.

The new companies will provide fiduciary and investment services such as those offered by banks and investment management firms. They also will handle tax, investment and financial planning services for individuals and businesses.

The trusts will not accept deposits or provide other traditional banking services.

An increasing number of independent trust companies are appearing nationwide as states loosen their laws on banking and other financial services.

Both of the Virginia trusts raised $2 million to qualify for SCC approval.

by CNB