Farmers Trust Reports Year of Record Profits
YOUNGSTOWN, Ohio — Farmers Trust Co., with offices in Boardman, Howland, Canton and Wooster, had another record year as client assets under management grew by 8% to more than $1.3 billion.
Revenues and operating income also hit all-time highs, growing by 6.5% and 15%, respectively. In addition, net income increased 18%, the company reports.
Farmers Trust offers estate planning, investment management, trust administration and retirement services. Its credentialed staff of 31 includes five attorneys, two master of taxation graduates, three chartered financial analysts, a certified financial planner, two master of economics and two employee benefits specialists.
Farmers Trust prides itself on being an independent financial advisory firm with no internal proprietary products or conflicts of interest. While other firms offer their own families of mutual funds and investments, Farmers avoids inherent conflicts of interests and acts in a fiduciary capacity for its clients, says its president, David A. Dastoli.
“While many of our competitors have centralized decision making in other markets, our strategy is to put highly qualified professionals in our markets and to allow them to interact directly with our clients,” he says.
With the addition of the Farmers Charitable Foundation, the trust company and foundation continue to actively support area nonprofit organizations in the Mahoning Valley, distributing nearly $7 million annually and adding the ability to administer donor advised funds.
Such funds allow people to establish separately identified accounts under the umbrella of the foundation and have their charitable assets professionally managed and distributed in alignment with their philanthropic intents.
Copyright 2022 The Business Journal, Youngstown, Ohio.