Members Trust Company (MTC), a nationally chartered trust company that provides trust and investment services to credit union members throughout the United States, today announced the appointment of Kenneth E. Lako as President and Chief Executive Officer. Mr. Lako’s appointment will take effect on April 10, 2023. Mr. Lako succeeds Dave Coffaro, who has served as MTC’s Interim President and CEO while the Board of Directors has conducted a national search to fill the permanent position.
Mr. Lako comes to MTC with a strong record of achieving business growth across multiple businesses, regions and institutions in the field of trust and wealth management. Achieving that success, he has established exemplary risk management practices, recruited and retained diverse and highly effective fiduciary leaders and advisors, and enhanced business practices to leverage technology and increase efficiency.
Since 2021, Mr. Lako has served as Managing Director of Specialty Fiduciary Solutions & Trust Administration for Comerica Bank & Trust. In that role, he was Comerica’s national leader for specialty fiduciary solutions and private wealth administration. His responsibilities included oversight of trust/agency administration, estate settlement, special needs solutions, charitable services, IRAs, irrevocable life insurance trusts, specialty asset administration, trust tax services, and trust closings.
From 2011 to 2021, Mr. Lako served as Managing Director and Senior Director of Investments & Fiduciary Services, most recently for the Southern and Western Regions for Wells Fargo Wealth & Investment Management. In that capacity, he achieved growth by leading client experience, team development, and risk management for the combined regions’ $65 billion AUM fiduciary platform, with a ten-person fiduciary management team and an over-200-person regional staff.
From 2008 to 2011, Mr. Lako was Wealth Management Director for Wells Fargo Wealth & Investment Management. Based in San Diego, California, he managed regional fiduciary teams and financial planners, and led all aspects of the trust and fiduciary business, including business growth, risk management, employee recruiting and retention, and development of strategic partnerships.
Mr. Lako has a Juris Doctor degree from Western State University College of Law and a Bachelor of Science (Economics) degree from Arizona State University.
Mr. Lako’s appointment comes in conjunction with MTC’s Board’s adoption of a five-year plan designed to reimagine the company’s business and its service to the credit union industry.
Jonathan Rich, Chairman of MTC’s Board of Directors, commented: “The Board is excited to have Ken assume the executive leadership of MTC. We are inspired by his record of transformative and collaborative leadership, with experience developing and implementing strategic, effective business plans for trust and investment management platforms. We are confident that his talents and experience constitute the best possible match for MTC at this promising stage in MTC’s development.”
Mr. Lako stated: “I am impressed by MTC’s accomplishments to date and its unique mission to offer trust and investment services to credit union members in a manner that honors and furthers the credit union culture of prioritizing service to members and promoting their well-being. I am excited to play a role in the next chapter of MTC’s story, and look forward to working with the team and our Board.”
Mr. Coffaro stated: “Having had the pleasure of working with Mr. Lako in the past, I can attest that he brings to MTC a deep understanding of client needs and solutions, and that he has the ability to build high-performing teams through diverse talent acquisition, professional development, coaching and mentoring, and disciplined execution.”
Mr. Rich added: “On behalf of the Board, I would like to express our deep appreciation to Dave Coffaro for stepping into the role of Interim President and CEO and leading MTC toward the Board’s expanded vision while the Board conducted its search for a permanent President and CEO.”
Since 1987, MTC has provided trust and investment services to members of credit unions throughout the United States. Owned and managed by America’s credit unions, MTC abides by the management philosophy of its owners – to act in the best interest of its clients while fulfilling its fiduciary duty as a trust company. MTC’s credit union shareholders provide its values and underpin its strength as a national trust and investment firm. For more information, please visit: memberstrust.com