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Financial Institution Trust (FIT) was established over
a half century ago as the Benefit Source Trust by Manufacturers
Hanover Trust Company (MHT). The original purpose of
the BST was to provide a source for stable and affordable
employee benefits to the financial institutions that had
a correspondent banking relationship with MHT. Over the
years with the advent of automated banking services, there
was no longer a need for dedicated correspondent relationships
and the BST was opened to all qualified financial institutions.
The relationship between Hendrickson & Company
and the FIT began over 25 years ago when our founder,
Bill Hendrickson, assisted Charlie Burrows of MHT in
building the Benefit Source Trust. Hendrickson &
Company worked with the BST as its marketing consultant
and established the program with financial institutions
in selected markets throughout the United States. Through
various mergers MHT became Chase and the BST became
the FIT. Throughout the years Hendrickson & Company
maintained its relationship and continued to bring banks
and investment companies to the program while servicing
more FIT customers than any other benefit consulting
firm.
In 2005 Chase opted to exit the insurance business
and ceased sponsoring the FIT. Doug Sherwen, who headed
up the FIT unit at Chase and Kathy Kennedy, Charlie’s
former deputy, have joined the staff at Hendrickson
& Company to direct and manage the FIT accounts.
Currently, the FIT has over 600 financial institution
participants that continue to enjoy a stable, cost effective
benefit structure. Since the FIT is available exclusively
to financial institutions, an industry with a favorable
risk profile, participants benefit from reduced expenses
and rate stability. This means greater savings for your
bottom line.
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