Spokane Journal of Business

Northwest Trustee to absorb Capstone Trust

Olympia-based company’s current clients to shift to company here

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Spokane-based Northwest Trustee & Management Services LLC, a professional trust and estate management company, has agreed to acquire Olympia, Washington-based Capstone Trust.

The acquisition is scheduled to be completed Feb. 1, according to a press release from Northwest Trustee. Representatives of Northwest Trustee decline to comment beyond the release.

Northwest Trustee is located in a 4,000-square-foot leased office space on the third floor of the North Spokane Financial Center, at 7307 N. Division. The company was founded in 1989 by Stephen Trefts, its current president.

Capstone Trust is also a trust and estate management company that was established in 2010 by Steven Elliott, Sandra Drennon, and Patrick McClelland. Capstone states its mission is to steward the financial wealth of clients, protect the interest of owners and beneficiaries, and empower families in the wealth-transfer process.

On Feb. 1, all Capstone Trust clients will transition to Northwest Trustee.

Greg Bowman, owner and CEO of Northwest Trustee, says in the release, “With the addition of Capstone Trust, we have expanded our reach in the Northwest and strengthen our ability to serve our clients.”

Northwest Trustee became state chartered in 2016 after an evaluation by the Washington state Department of Financial Institutions. The change made Northwest Trustee one of a small number of independent nonbank trust operations in the Northwest, claims Trefts.

In addition, the change to the state charter allowed Northwest Trustee to expand its services to other states, such as Idaho and Oregon, where the company can further apply for trust offices.

In 2016, the Journal reported that Northwest Trustee served between 300 and 500 clients, with accounts ranging in assets from $500,000 to $1.5 million.

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Karina Elias
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Reporter Karina Elias covers the banking and finance industry. A California native, she attended the University of California at Santa Barbara. Karina loves salsa dancing, traveling, baking, cuddling with her dog, and writing creative fiction and non-fiction.  

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