By Stan Friedman
CHICAGO, IL (August 1, 2012) – Covenant Trust Company (CTC) surpassed $500 million in managed assets for the first time yesterday.
Covenant Trust offers a variety of financial services for Covenanters, including accounts to benefit denomination ministries. Some $9.5 million was distributed to Covenant causes in 2011.
“This is a huge amount we are managing and a huge responsibility,” said President Ann Wiesbrock. “There are so many lives that are impacted by this.”
Wiesbrock had told the Covenant’s Executive Board in March that she believed reaching the $500 million mark was achievable by the end of the year. That achievement came much faster due to an upsurge in new business and favorable investment returns.
New business has increased dramatically in recent years. In 2011, CTC wrote a record $50 million in new business with $17.8 designated to eventually benefit Covenant ministries of benevolence and compassion, local churches, camps, conferences, North Park University, and mission around the world.
Wiesbrock credited her staff for honing and communicating the message that CTC helps people manage their finances to a set of values, not fear and greed. “That’s really what people want to do. People in the Covenant have been very generous.”
Accountant Barbara Wood said she is not a person who is comfortable in “frontline” ministry, but is excited to have the opportunity to enable the work of others. Joanna Sjoblom said writing the disbursement checks is the best part of her job.
When asked what is the next financial goal, one of the staff members quipped, “a billion.”
In comments during a pizza lunch to celebrate the achievement, Wiesbrock and the rest of the staff also credited previous leaders and CTC employees for starting and growing the ministry. Covenant Trust was established in 1989. The same services were provided during the previous 10 years by Covenant Estate Planning Services.