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FRANKLIN STREET TRUST COMPANY CHARTERED AS PRIVATE, NON-DEPOSITORY TRUST BANK; NAMES FULP CHAIRMAN OF THE BOARD

 CHAPEL HILL, N.C., Oct. 11 /PRNewswire/ -- Franklin Street Trust Company has been chartered as a private, non-depository trust bank by the State of North Carolina and has named Richard V. Fulp chairman of the board.
 Franklin Street Trust, which is located in Chapel Hill, serves individuals, foundations, corporations and government units. It provides discretionary investment management services, manages and maintains personal trusts, serves as trustee for individual trusts and corporate pension plans and aids in the management of assets of public and private entities. Its activities are fully regulated by applicable banking and securities industries directives and guidelines.
 Fulp, who has 23 years of experience in the trust industry, previously was group executive vice president of Bank of America in San Francisco. At Bank of America he was responsible for all activities involving personal trust and investments, domestic private banking, corporate trust, institutional trust and domestic and international securities clearing and custody.
 "Franklin Street Trust is similar to larger trust companies in services and safeguards," Fulp said, "but, because of our size, customers see much less turnover in the management team and have greater assurance of account confidentiality. Our approach to each client is highly individualized."
 Fulp began his trust career at Wachovia Corporation in Winston-Salem in 1970 where he was senior vice president and manager of the Trust Investment Division. He joined Seafirst Bank of Seattle in 1983 as executive vice president with responsibility for domestic private banking, capital markets, retail investment services and all trust and investment services. He joined Bank of America when it acquired Seafirst in 1987.
 Fulp graduated from Davidson College in 1964 and received his MBA from the University of North Carolina at Chapel Hill in 1965. He is a director of the Depository Trust Company and served as chairman of the American Bankers Association Trust and Investment Management Division in 1991-92.
 Franklin Street Trust is a wholly owned subsidiary of Franklin Street Partners, a private investment firm whose holdings also include Franklin Street Advisors, Inc. and Franklin Street Securities, Inc. The principals of Franklin Street Partners, Inc. include Walter R. Davis, a private investor and philanthropist; Paul J. Rizzo, vice chairman of IBM; H. Michael Weaver, chairman of W.H. Weaver Construction Co. in Greensboro; Robert C. Eubanks, president of Franklin Street Advisors; M. Rex Teaney, II, managing director of Franklin Street Partners; and William M. Moore, president of Trident Financial Corporation in Raleigh.
 -0- 10/11/93
 /CONTACT: Franklin Street Partners, Inc., 919-933-7882/


CO: Franklin Street Trust Company; Franklin Street Partners, Inc. ST: North Carolina IN: FIN SU:

MM -- CH004 -- 0565 10/11/93 09:04 EDT
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Publication:PR Newswire
Date:Oct 11, 1993
Words:436
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