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."