Bill Ekey Speaks on Corporate Trusts
"In this environment we have one common goal: make transactions work," Bill Ekey said during his visit with Washburn Law students on Monday, February 7, 2005.
Mr. Ekey, Senior Vice President of the Commerce Trust Company, spoke about corporate trusts and everything that entails. After graduating from Washburn Law in 1981 he became a personal trust officer. “I’ve stayed in it 24 years because it’s lots of fun,” he said.
Mr. Ekey also said that being a trust officer is also worthwhile because it allows schools, stadiums, water towers, and other public buildings to be built. He also enjoys that his job puts reasonable restrictions on his time and energy. While Mr. Ekey thinks his job is a nice law career alternative, he does admit that it can be obscure. Most people ask him about the DOW, which he says he now looks at in the mornings, even though it is not related to corporate trusts.
Trusts are much bigger now than in the past where people had to beg for money Mr. Ekey said. “We are a highly regulated industry,” he said. “There are all sorts of rules that apply day in and out. There are lots of opportunities in the field. There is an interchange of people and talent.”
When asked what a corporate trust is, Mr. Ekey said he responds with “I finance public buildings.” Although, he said he is only one of a team of many who work together to finance a building. Mr. Ekey provided the example of financing the ten million dollar cost of building a high school. Generally, cities cannot enter into long term debt except by issuing bonds. The bank, a corporation, acts as a trustee.
There are three types of trust departments: personal, institutional, and corporate. Corporate trusts include escrow, paying agents, trustees, stock transfer, commercial paper issue, project financing, mortgage note custodians, and more.
While corporate trustees do not have to be attorneys, Mr. Ekey said it is very beneficial since he is working with the law everyday. When hiring, he said he looks for attorneys for their legal skills. “People ask ‘don’t you miss practicing law,’” he said. “I respond ‘I do [practice law].’ I have one client: Commerce Trust Co.”
Mr. Ekey ended his presentation by stressing that the duty of loyalty is of the utmost importance.
Jenny Callahan contributed this article.
