This month, New Covenant Trust Company bids farewell to two of our longtime servant leaders, Tim Clark and Dick White, as their time on our Board comes to an end.
Both men had long careers in banking before joining the NCTC Board, and both are deeply committed to the Presbyterian Church (U.S.A.). They each have made significant contributions to NCTC’s mission, culture and success over the past decade, and they will be greatly missed.
We honored their service at a dinner and celebration on February 8, 2024.
A Call to Serve
A Michigan native and PCUSA elder, Tim worked as a Trust Officer for more than 35 years before joining the Presbyterian Foundation Board in 2002. He served as Chair of that Board from 2008-09, but says he was “not ready to be done” with his service when his term ended in 2010. He approached NCTC’s then-President & CEO, Greg Rousos, about a paid position with the trust company, which is a subsidiary of the Foundation.
“Greg’s leadership has been an important factor in NCTC’s success over the years,” says Tim. In fact, “I think that was probably the reason I went to work there — because of Greg.”
Tim joined NCTC as SVP and was later promoted to EVP. He held the position of Chief Operating Officer until he retired on September 30, 2021, and then served as a volunteer Director until rolling off the Board in February 2024.
Dick enjoyed a successful 25-year career as commercial banker before deciding to become a Presbyterian minister. “In early 1999, I retired from my banking career and entered Princeton Theological Seminary that fall,” he says.
After earning an M.Div. and Th.M., Dick spent almost 12 years as a hospital chaplain, a calling that he loved. In 2011, he was approached by Dave Davis, former Chair of the Foundation Board, to consider joining the NCTC Board.
“The thing that was so special about the opportunity to join the Board at New Covenant Trust Company was that it allowed me to continue my work in ministry in a different way — serving the church at the national level, and at the same time drawing on my experience as a banker,” he says.
Dick became Chair of the NCTC Board in 2014, a position he held for the next eight years. “I was a bit reluctant at first, having been on the board only a year, but it was one of the best decisions I’ve ever made,” he says. He stayed on as a Director until stepping down in February 2024.
For both men, working with NCTC proved to be a natural fit for their skills, experience and values.
A Team Effort, Focused on Mission
When Tim and Dick joined NCTC in 2010 and 2013, respectively, the company was very small by industry standards.
“When I came on board, assets under management were around $50 million, which at that point really wasn’t sustainable,” says Tim. “Over the years, a lot of people contributed to the effort, but we were able to get to a point more than half of the revenue stream now comes from assets under management on the trust side.”
Today, assets under management are over $600 million.
“Our growth has been carefully managed,” says Dick. “We’ve grown organically, always with a focus on serving the mission and ministry of the Presbyterian Church. That’s our ‘lane.’ We have never grown simply for the sake of adding assets or new accounts. Each step has been careful, thoughtful and strategic to better serve our clients, the Presbyterian Foundation and the larger church.”
Both men attribute NCTC’s success to an extraordinary team.
“Some places claim to be great on teamwork, but NCTC lives that value,” says Dick. “It’s a pursuit of excellence, honesty, transparency and integrity in all aspects of our work.”
Tim agrees. “The staff has developed a very strong bond with one another to serve as a team and not as individuals. Lots of organizations talk about checking your ego at the door, but it really happens at NCTC.”
Highlights of a Decade of Service
In addition to an outstanding team, what sets NCTC apart — and what kept both men engaged in the work for more than a decade — is the organization’s focus on ministry.
“At NCTC, it’s really about the mission,” says Tim. “Most organizations are driven by profit, the bottom line, and controlling expenses. NCTC is much more concerned about helping churches thrive.”
“People who come into the organization, whether it’s at the board level or at the staff level, particularly if they’re coming from a typical corporate situation, they don’t get it at first,” he adds. “They can feel the difference when they’re in the organization, but they don’t understand why. The difference is the mission.”
For Dick, a highlight of our culture is NCTC’s intentional focus on diversity. Efforts include the Board composition itself — today, four of the 10 Director seats are held by women — and NCTC’s values-based service offering, the Diversity, Equity and Inclusion strategy.
Tim says he is pleased to have had a hand in hiring a few of NCTC’s team members, who have gone on to be very successful at the company. He’s also pleased to have helped foster a clearer understanding and better differentiation between Foundation work and NCTC work.
“We certainly still want the two organizations to feel that they’re attached at the hip, but each should have its own identity and its own field of work,” says Tim.
Both men were extremely pleased to have been part of the national search for a new President & CEO when Greg Rousos decided to retire in 2023. Angela Duffy took the helm on January 1, 2024.
“Angela is one of the brightest people and lawyers that I’ve ever worked with,” says Tim. “She’s familiar with banking regulations and also has a real servant’s heart to serve the church. She’s a great combination of skills, knowledge and compassion, and she will do a great job leading the organization.”
Dick agrees. “It was a national search, and after considering dozens of applicants, it was clear Angela was the best candidate to take over as our President & CEO.”
Passing the Torch
Now in their 70s, both men feel this is the perfect time to step down and allow other voices to be heard.
Tim says what he will miss most about his time with NCTC is, not surprisingly, the team. “There was a lot of joy that came from working together to serve a purpose and to serve a client’s needs,” he says. “There was great satisfaction in that. I’ll miss the people.”
“Selfishly, I will miss being part of continued success of this remarkable company,” says Dick. “NCTC is an incredibly strong position to continue to grow and serve.”
Tim agrees, sharing that while NCTC is already serving a significant number of churches in the PCUSA, there are still hundreds more with which to engage. “So, they’re in a great position to continue to grow, serve more churches and fulfill the mission.”
“We’re leaving NCTC in great hands,” adds Dick. “We’re confident about that. We’re excited about the trust company’s future, and that is an absolutely great feeling.”
Thank you, Tim and Dick, for generously sharing your time and talents with NCTC!