Independence Trust In the News

INDEPENDENCE TRUST COMPANY EARNS NATIONAL CHARTER
Franklin Firm One of Three Independent Trust Entities in US to Receive Federal Charter from OTS

Franklin, Tennessee - Independence Trust Company (ITC) has converted to a national charter issued by the federal Office of Thrift Supervision (OTS) and effective as of March 15, 2004, according to Marcia E. Williams, president and CEO of ITC.

The seven-year-old company is the only independent trustee in the State of Tennessee and now one of only three in the United States to obtain such a national charter. The company applied for the charter in August of 2003 and raised additional capital to meet the more stringent federal requirements.

"This is a tremendous milestone for the firm," said Williams. "Not only will this charter streamline our current business outside the state of Tennessee, it creates an exciting platform for future growth by making it easier for us to handle accounts across the country. Moreover this charter brings the rigorous oversight of federal regulators to our operation enhancing security for all our clients.

"I attribute our success to the hard work of our employees, the guidance of our board and the wonderful support of our shareholders," said Williams.

Independence Trust Company serves as a trustee, investment advisor and custodian for individuals, endowments and corporations in ten states. The firm manages over $350 million in assets for more than 125 client relationships. These assets include not only traditional investments such as stocks and bonds but also real estate, private securities, and closely-held companies.

"Independence Trust has consistently and successfully proven its commitment to quality trust and investment services since its inception in 1997," said board chairman Charles K. Evers. "The fact that ITC is the only independent trust company in the state of Tennessee to receive a national charter is testament to the strong leadership of the company and the energy and ability of its management and employees. We are most excited about the growth opportunities this charter brings us."

Members of the ITC board include: Charles K. Evers, William E. Cherry, Charles E. Jones, Jr., David Ogilvie, and Marcia E. Williams.

Located in historic downtown Franklin, Independence Trust employs eleven professionals. For more information, call (615) 591-0044 or visit www.independencetrust.com.

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