Sharon Pryse will be at the new Chattanooga office of Knoxville-based The Trust Company, which will open its doors in November 2012.About The Trust Company:* Founded: 1987* Assets: $1.7 billion under management* Market: Focuses exclusively on wealth management and trusts* President: Sharon Pryse* Current locations: Knoxville, Johnson City* New location: Chattanooga, in the Volunteer building* Chattanooga staff: James Woods (SunTrust), Fred Speakman (Morgan Keegan), Pam Dietrich (Morgan Keegan),* Knoxville staff: Daniel Carter, Stacy Roettger, Susanne Hauk* Opening: NovemberSource: The Trust Company
Some scrappy new competitors are adding trust and investment services in Chattanooga after major regional banks reduced some of their wealth management programs.
Changes, mergers and cutbacks at Regions, First Tennessee and SunTrust have created new opportunities in a local market known as much for its old wealth as for its scenic vistas, officials say. Smaller institutions bolstered their local staff while new entrants like The Trust Company are entering the Chattanooga market for the first time.
Sharon Pryse, president of Knoxville-based The Trust Company, decided amid local uncertainty to enter the Chattanooga market. Pryse, who plans on opening The Trust Company’s newest office here in November with three advisors if state regulators approve the new franchise, said Chattanooga is a hot town for wealth management.
“It’s been a wealthy and philanthropic community and had significant trust presence,” Pryse said. “Even though Knoxville is a larger community than Chattanooga, I believe the Chattanooga market has always been a stronger market than Knoxville.”