Tampa-based Salem Trust Company, a division of Argent Institutional Trust Company, is pleased to announce another record year with year-over-year assets under custody up 10 percent to $14 billion. Strong client growth throughout the year was capped off by the addition of several new institutional and government clients in the fourth quarter of 2024 alone. Further, Salem was able to expand the geographic reach of the markets it serves into the Mid-Atlantic states.
“This record achievement could not have been accomplished without the continued focus on service by the Salem team,” said Luke McCabe, president of Salem Trust Company. “I am particularly proud that for yet another consecutive year, client retention remains at 100%’” McCabe added. “I am confident that Salem’s ‘Authentic Difference’ continues to drive client delight.”
Salem Trust has continued to reinvest in its team to support this growth. “We have expanded our service support by increasing the number of talented trust associates,” said Chris Taylor, Tampa office executive. “We are uniquely focused on providing custody to defined benefit plan sponsors and are positioned to support any type of plan, from the very simple to the very complex,” Taylor added.
About Salem Trust Company (Salem)
Salem Trust Company is a division of Argent Institutional Trust Company that is responsible for $50 billion of client assets. Salem provides custody services as its primary line of business for government sector retirement plans and institutional clients. Salem has been devoted to service excellence since its founding in 1998. Through An Authentic Difference®, clients experience securities settlement, safekeeping, record-keeping, and reporting services that are direct and personalized from experienced professionals.
About Argent Institutional Trust Company (AITC)
Originally founded as TMI Trust Company in 1954, TMI was a Texas-chartered trust company. In August 2024, TMI merged with Argent Financial Group (with over $90 billion in client assets under care) to become AITC and is now headquartered in Tampa, FL, as a Florida trust company. Since its inception, AITC has grown into a full-service provider of trust and agency services. AITC operates offices in Tampa (FL), Atlanta (GA), Fort Worth (TX), Milwaukee (WI), and New York City (NY), delivering exceptional client care across four primary service categories: trustee, escrow, and loan agency; IRA and custody; family office and investment partnerships; and specialized trust services.
