The Capital Trust Company of Delaware
announced it has agreed in principal to merge with another trust company with a
"strong presence in Delaware."
The company, which specializes in delivering personal and business trust services through independent advisors, said it has signed a letter of intent to undertake the merge. Capital Trust declined to identify the merger partner, although it disclosed the two companies have a similar business model.
"We don't want to release anything publicly until we actually have an agreement," said Shawn Wilson, a company spokesman.
The largest shareholder of Capital Trust Company is Corporation Service Company, a provider of registered agent services.
The combined firm will remain an independent trust company with increased levels of service, according to Capital Trust.
"We will continue to fulfill our fiduciary responsibility to existing clients with the utmost of care and to take on new trust business as usual," James A. Stoltzfus, CEO of Capital Trust, said in a written statement. "We believe this alliance is beneficial in many ways."
As for the target date of the merger, he would only say it is expected "in the very near future."