Idaho Trust National Bank opens in BoDo

by IDAHO BUSINESS REVIEW

Idaho Trust National Bank opened last week at 888 W. Broad St., Boise, in the BoDo development downtown.
The 12-year-old company recently expanded into business and personal banking, making Idaho Trust the first new bank to open in Boise in a decade.

Syringa Bank was Boise’s last new bank, opening in February 1997, although existing banks have entered the market in recent years.

Idaho Trust National Bank employs 32, has $50 million in assets and manages about $360 million in client assets. Officials said the expansion into business and personal banking was in response to clients’ requests for a single-source banking solution.

Former trust and estate attorneys Dan and Tom Prohaska founded Idaho Trust and are CEO and president, respectively. A few years ago they moved the headquarters to Boise from Coeur d’Alene, where the company operates an office.

Phil Bratton is executive vice president of Idaho Trust National Bank. He has been involved in numerous bank start-ups, mergers and acquisitions in nearly 30 years in the banking industry.

Idaho Trust was vacating a downtown Boise office space at 300 Main St. last week.

The bank targets professionals and owners of small businesses.

Officials said Idaho Trust combines business and private banking with a concierge service, filling a void created in the 1980s and ‘90s when consolidation transferred many trust and investment services from local offices to out-of-state service centers.

The community banks that opened during the period restored a level of personal service, and chose a traditional banking approach, Tom Prohaska said in a statement.

“By starting instead with trust administration and investment management, and then adding business and personal banking services, our approach acknowledges the synergy between our clients’ business activities and personal wealth management needs,” he said.

“Added to this is a service mentality that respects their accomplishments while helping them move to the next level in their financial life.”