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 May 14, 2010
Mid Atlantic Applies For South Dakota Trust Charter

 --Kristen Oliveri. May 14, 2010

Pittsburgh-based Mid Atlantic Capital Group has applied to receive a trust charter in South Dakota and will name the new entity Mid Atlantic Trust Company. "South Dakota has become the premier trust center in the U.S. It's critically acclaimed as a leading venue for specialty trusts like dynasty trusts and asset protection trusts," said Jerry Cooper, relationship manager for Advisors Institutional Services, who advised Mid Atlantic for the application.

The newly-minted trust company plans to offer full trustee provisions and take advantage of South Dakota's favorable trust legislation for its wealthy clients. Cooper noted that South Dakota has increased in popularity as a trust haven, particularly beating out the state of Delaware where it is often more costly to set up trust structures. South Dakota has many advantages, most notably its exemplary trust laws, no state taxes on trusts and the speed with which the regulator processes trust charter applications, added Cooper. "The firm sees this as a great time to harvest business from the baby boomers," added Cooper.

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