[RT] GEN: INTRUST NEWSPAPER ARTICLE

["charles meyer" <chmeyer@xxxxxxxx>]

Deadline today for Intrust bids 
<FONT color=#000000 face=Arial lang=0 size=2 FAMILY = 
SANSSERIF>November 17, 2000 <FONT color=#000000 
face=Arial lang=0 size=3 FAMILY = SANSSERIF>BY TAMMY WILLIAMSON BUSINESS 
REPORTER       <FONT color=#000000 
face=Arial lang=0 size=2 FAMILY = SANSSERIF>Anyone who wants to buy 
Independent Trust Corp., a shuttered Orland Park trust company that was 
placed in receivership earlier this year, must submit a bid by today. 
      So far, only one bidder has publicly 
announced an interest in buying Independent Trust, also known as Intrust. 
James Boyd, senior vice president and director of the trust department at 
Banco Popular, earlier this month offered to buy Intrust for $2.5 million. 
      Boyd, 59, would rename the company 
Millennium Trust Corp. and has said he would like a sale to be completed in 
two weeks. Boyd has been meeting with employees and has filed an application 
with state regulators to create the trust company. 
      The benefit of having someone buy Intrust 
is that it helps reduce the costs of receivership and it prevents the 
company from having to be liquidated.       
"It provides additional money . . . to reduce the cost of the 
receivership or reduce potential losses," said Scott Clarke, assistant 
commissioner of the Office of Banks and Real Estate, the regulator who shut 
down Intrust last April. By selling the company, "you don't have 17,500 
people overnight looking for a new trustee," and administrative costs 
are lowered.       Also, if the 
company were liquidated, Intrust would have to cut checks to account 
holders, with tax consequences for those investors, he said. 
      Independent Trust was seized by 
regulators in April after they discovered $68.1 million in client money 
missing. The Office of Banks and Real Estate then appointed 
PricewaterhouseCoopers as Intrust's receiver, with the purpose of sorting 
out the mess.       A federal grand jury 
investigation is pending. 
      Pricewaterhouse attorney H. 
Christopher Mott on Thursday declined to say if there had been any other 
bids received. If any other bids are made, he said, they would be posted on 
Intrust's Web site, www.intrust.com, where all legal notices have 
been placed since it was shut down. 
      Cook County Circuit Court Judge 
Sidney Jones III will hear, and could approve, Boyd's bid, should it be the 
only one, at a hearing Nov. 29. 
      Separately, the judge last week 
approved a request to allow the people with accounts the ability to withdraw 
up to $1,000 from their account for holiday shopping. <FONT 
color=#000000 face=Arial lang=0 size=1 FAMILY = SANSSERIF>AS ALWAYS, 
PLEASE CHECK THE WEB SITE FOR MORE DETAILS <FONT 
color=#000000 face=Arial lang=0 size=1 FAMILY = SANSSERIF><A 
href="http://www.intrust.com/";>www.intrust.com <FONT 
color=#000000 face=Arial lang=0 size=3 FAMILY = SANSSERIF>







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