Business & Real Estate
- Published on Tuesday, 12 November 2002 19:41
- Written by Clyde Noel - Town Crier Staff Writer
Northern Trust has been trying to establish a presence in Los Altos over the past year. The 113-year-old Chicago-based holding company recently moved into its new building on Third Street, and most of us will be able to enjoy its range of services.
Northern Trust has a sophisticated array of private banking and trust services, along with world-class asset management capabilities. It has 82 offices in the United States, with assets that totaled $38.2 billion at the end of the first quarter.
"We are not designed to be a retail bank on every corner," said Jeffrey F. Yoakum, vice president. "We work with successful individuals and families to preserve and help grow their assets. Our intent is to provide distinct needs with customized services."
Northern Trust is one of the country's leading providers of trust and management services. It manages more than $337 billion in corporate and personal assets that consistently outperform leading market indices.
Yoakum remarked that Northern Trust is in good hands and in command of its future.
"We are still in our original charter for 113 years and never had a merger with other banks," he said. "The founding family owns 14 percent of the shares, and 29 percent of the stock is owned by the family, management and employees."
Northern Trust has spent more than $800 million on development of leading-edge technology in the financial structure.
Any client with a modem can review their Northern Trust account on the Internet.
As the private client service officer of the bank, Yoakum is responsible for business development. His responsibilities include talking to prospective clients and introducing the bank's services to the community.
Confidentiality is valued at Northern Trust. "We respect the client's desire to keep finances a private matter," Yoakum said.
Yoakum works with local attorneys and accountants to provide information on how the bank can relate to clients' needs. He is also empowered to work with non-profits locally.
"We have received a very warm reception from the community," Yoakum said. "And we have partnered with different local community organizations to help support their success."
Northern Trust has supported the Los Altos History Museum, Foothill and De Anza colleges, Los Altos Senior Center and numerous other local institutions.
The new Northern Trust building has several meeting rooms available for community use. The first meeting will be held Nov. 14, when the Los Altos Chamber of Commerce and LAVA will hold a special meeting to discuss issues that concern the city's future.
Yoakum said navigating the maze of financial alternatives available at the trust could be overwhelming. The services include providing a line of credit, customized loans, mortgage services, portfolio management and stock option financing. "Our management can guide you along the entire financial journey."
Northern Trust is located at 270 Third St., Los Altos. For more information on the bank's services, call 917-0234.