Greenleaf Trust is a comprehensive wealth management firm with specialized disciplines in goals-based wealth management, trust administration and retirement plan services.
As one of Michigan’s first privately held and managed trust-only banks—now also serving clients through our new office in Naples, Florida—our independence frees us from conflicts of interest and ensures that our clients’ well-being is at the center of everything we do.
Client-aligned and talent-driven, we adhere to the highest standards of fiduciary excellence, while providing personalized service and customized solutions.
William D. Johnston Chairman
CHAIRMAN’S LETTER
I am excited about our company’s future.
It is my honor and pleasure to present to you the 2025 Annual Report of Greenleaf Trust N.A. In July of 2026, we will celebrate our 28th anniversary. Within the body of this report our division leaders review the achievements of 2025, celebrate the successes of our teammates and share the advancements that we have made for you, our clients.
Each year, as I prepare to present our annual report, I am filled with gratitude for the clients who trust our teams to manage their wealth and provide fiduciary services that are critically important to their families. It is truly an honor to serve your needs and one that we never take for granted.
My reflections also allow me to identify significant, annually occurring events that impact our company in very significant ways, and 2025 is certainly no exception. At our annual strategic planning meeting in November 2025, we announced that Michael Odar, President and CEO of Greenleaf Trust N.A., was being promoted to President and CEO of Greenleaf
Financial Holding Company, the parent company of Greenleaf Trust N.A. and Greenleaf Trust Delaware. Simultaneously, we announced that Dan Rinzema, our Chief Client Officer of Greenleaf Trust N.A., was being promoted to President of Greenleaf Trust N.A. We are very fortunate to have these two exceptional leaders guiding our organization.
In 2013 at our annual strategic planning meeting, I announced that I was promoting Michael Odar to President of Greenleaf Trust and that I was moving to the role of Chairman of Greenleaf Trust. The past 12 years have proven the value of that leadership change for our company, its clients and our collective team. Michael Odar and his executive leadership team have nearly tripled our assets under management and more than doubled our workforce. They have done so by creating Greenleaf Trust Delaware, establishing Greenleaf Financial Holding Company and obtaining a national charter for our bank which allows us to provide fiduciary services in every state in our country.
To put it mildly, their execution skills have generated significant growth opportunities for Greenleaf Trust N.A.
Great organizations have great business cultures and workplace cultures that multiply the business culture. Growth has never been the purpose or plan. Serving clients without conflicts of interests, delivering that service in a team structure, always engaging in a disciplined continuous improvement process and holding ourselves accountable to the highest standards of fiduciary excellence have always been our mission and vision goal. It is my belief that our unyielding disciplined focus on the pillars of our core culture has driven our growth. The leadership of Michael Odar and Dan Rinzema and the work of the teams that they lead in anticipating and delivering on our clients’ wants, needs and desires have resulted in our significant client growth, retention and satisfaction.
Michael’s leadership as President and CEO of Greenleaf Financial Holding Company will allow him and the team he leads to
plan and execute a strategic course for our future growth—while Dan, as President of Greenleaf Trust and Greenleaf Trust Delaware, will continue to focus on the business and workplace cultures that result in our clients’ wants, needs and desires being consistently met at the highest benchmark possible.
I am excited about our company’s future. In 2025, we were very pleased to convince Bill Manns, President and CEO of Bronson Healthcare, to join our Board of Directors. Together, our board, executive leadership team and the entire Greenleaf Trust N.A. team of nearly 200 servant-hearted individuals stand ready to work hard on your behalf. It has been and always will be an honor to do so.
Michael F. Odar, CFA® Chief Executive Officer
CEO’S LETTER
We take the work we do for our clients seriously and remain committed to continuous improvement in everything we do.
Reflecting on 2025, I am incredibly proud of the work our teammates did on behalf of our clients and within the communities where we live and work. Throughout the year, our efforts were guided by the pillars of our core culture:
Client’s Side of the Desk
These principles anchored every decision we made and every action we took. As you will read throughout this annual report, our commitment to Serving Clients More led to meaningful accomplishments in 2025. Most notably, we received our national charter and opened our newest office in Naples, Florida, an important milestone that strengthens our ability to serve clients today and into the future.
We also continued to invest in our organization by welcoming new talented teammates, advancing organizational inclusion, enhancing our service delivery model and implementing new tools to better serve our clients. Together, these efforts helped us build a strong foundation for continued growth and long-term success.
Thank you to all who place their trust in us. We take the work we do for our clients seriously and remain committed to continuous improvement in everything we do. We look forward to continuing this work— and to Serving Clients More—in 2026.
CLIENT CENTRIC TEAM
Dan J. Rinzema, CFA®, CFP®, CTFA President
As I look ahead with enthusiasm to my recently expanded role as President, I also look back with gratitude on the client centric team’s impact over this past year. The team once again delivered on its mission to accelerate remarkable wealth outcomes for our clients through the delivery of holistic wealth management, advanced financial planning, expert trust administration and WOW client service. This aim is pursued by focusing first and foremost on the needs, wants and desires of our clients. We then leverage the collective wisdom of the team to provide highly personalized service and customized solutions. The year 2025 proved to be exceptional in numerous respects, owing to the tireless dedication of the team and the steadfast trust and support of our clients.
CLIENTS
To our clients, we offer our deepest appreciation for the privilege of serving as your trusted wealth management partner. Your enduring confidence in our firm enables us to advance with
purpose and uphold the highest standards of excellence. We are profoundly honored to support your financial journey and remain steadfastly committed to earning your trust for many years to come.
Our annual satisfaction survey is designed to gauge Greenleaf Trust’s collective efforts from our clients’ perspective. We not only want to know if we are delivering on our promises, but we also crave candid feedback on our shortcomings. Analyzing the results helps us more closely align the voice of our client with our daily impact.
The aim is to listen to client comments and suggestions so that we can enhance the services provided on their behalf. This year we experienced one of our highest client response rates, well in excess of the industry average, and some of our highest satisfaction scores to date. The statistics on the right represent a summary of what we heard our clients say regarding their satisfaction with the various aspects of our service offering.
Your enduring confidence in our firm enables us to advance with purpose and uphold the highest standards of excellence.
FIND THEIR CLIENT CENTRIC TEAM MEMBERS TO BE EASILY ACCESSIBLE.
FEEL THEIR QUESTIONS AND CONCERNS ARE ANSWERED IN A PROMPT AND SATISFACTORY MANNER.
ARE SATISFIED WITH THE FREQUENCY OF CONTACT.
FEEL AS THOUGH THEY ARE TREATED AS A VERY IMPORTANT CLIENT.
BELIEVE WE LISTEN TO AND UNDERSTAND THEIR UNIQUE GOALS AND OBJECTIVES.
BELIEVE THEIR ACCOUNTS ARE TAILORED TO MEET THEIR UNIQUE FINANCIAL GOALS AND OBJECTIVES.
BELIEVE WE ARE SUCCESSFUL IN MEETING THEIR INVESTMENT NEEDS.
UNIFORMLY EXCEED SATISFACTION SCORES WITH OUR ACCOUNT STATEMENTS, PERFORMANCE REPORTS AND NEWSLETTERS.
While we are exceedingly pleased with the high marks received, we recognize there is always room for improvement. So, to achieve our standing goal of 100% client satisfaction across all measures, we are intently focused on the specific suggestions and comments provided by our clients.
TEAMMATES
To our teammates, we extend our sincere appreciation for your unwavering commitment to our clients and for the tireless dedication you bring to safeguarding their financial well-being. Your professionalism and hard work are evident in all that you do, and it is a privilege to work alongside such an exceptional group of individuals. Over the past year, we advanced several key internal innovations, including enhanced fiduciary practices in the administration of irrevocable life insurance trusts and our discretionary distribution process, expanded vault capabilities within our MyWealth by Greenleaf Trust client portal and strengthened functionality of our trading platform. Each was identified, designed and implemented to ensure our role as fiduciary was executed at the highest levels and to allow our team members more time with and for our clients. Additionally, this year marks our tenth annual “Day of Caring” where teammates were given the day to form groups and volunteer together
at a nonprofit of their choosing within their respective communities. Close to 1,000 hours on this day alone were spent giving back to food pantries, youth programs, resource centers and other nonprofit institutions within the communities in which we live, work and seek to remain deeply rooted.
During the year, Jenny Sowell earned the Certified Trust Financial Advisor designation; Kimberly Lloyd earned her Masters of Trust and Wealth Management degree; Zach Gamber, Evan Visuri, Amari Smith and Eric Wenzel earned the Certified Financial Planner™ designation, and Mike Mikrut, Brian Farrell and Steve Davis earned the Certified Private Wealth Advisor® credential. Several teammates were also recognized for their growth and impact throughout the year receiving the following promotions:
Maggie Walker Senior Team Service Coordinator-Team Lead
Mike Laske
Senior Wealth Management Advisor
Steve Davis Senior Wealth Management Advisor
Alex Solis-Mullen
AVP, Senior Estate Settlement OfficerTeam Lead
Kevin Jawahir
SVP, Director of Personal Trust-Market Director
Garrett Urman
Senior Wealth Management Advisor
Regina Jaeger
SVP, Senior Trust
Relationship OfficerMarket Director
Kerri Rosenbaum
Wealth Management Coordinator II
Lauree VanderVeen
SVP, Senior Trust
Relationship OfficerMarket Director
Chelsea Holmes
Senior Team Service Coordinator Training Coordinator
Nicholas A. Juhle, CFA® Chief Investment Officer
RESEARCH
Heading into 2025, we believed economic forecasts for the coming year were reasonable. While aligning with consensus may sound like the path of least resistance, our view reflected the experience of the prior three years, which were marked by significant and often unexpected economic swings.
In 2022, the economy experienced much slower GDP growth, sharply higher inflation and a rapid interest-rate shock from the Federal Reserve. By contrast, 2023 and 2024 delivered much stronger GDP growth and a healthier labor market than forecasters had originally anticipated. After three consecutive years of meaningful surprises, we believed 2025 could be a year in which outcomes largely matched expectations. That assessment proved accurate, with only modest variation across key metrics including GDP growth, inflation, employment, interest rates and corporate earnings growth.
We pay close attention to surprises because they tend to move markets.
In 2022, unexpected jumps in inflation and interest rates contributed to one of the ten worst years for investors in nearly a century. Conversely, economic performance exceeded expectations in 2023 and 2024 and the S&P 500 delivered returns of more than 25% in both years. In 2025, with forecasts that were more realistic and outcomes that closely tracked expectations, the S&P 500 returned nearly 18%—closer to the historical median annual return of approximately 15%.
Importantly, 2025 was not just a strong year for the S&P 500; it was a solid year across most major asset classes. While domestic large-cap equities returned nearly 18%, mid- and small-cap stocks delivered mid-single-digit gains. International equities were the standout performers, with both developed international and emerging market indices returning more than 30%. Fixed income returns clustered within a relatively narrow range, generally in the mid- to upper-single digits, while liquid alternative strategies experienced greater dispersion.
Taken together, a balanced portfolio consisting of 60% global equities and 40% bonds returned nearly 15% in 2025 and is up approximately 50% over the past three years.
Looking ahead to 2026, consensus expectations closely resemble the economic environment we experienced in 2025. Forecasts call for similar levels of GDP growth, inflation, job creation, interest rates and earnings growth. Once again, we view this outlook as a reasonable base case. While surprises are inevitable, these expectations could support another solid year for both the economy and financial markets if realized.
As a research team, our mission is to develop comprehensive investment solutions that help our clients achieve their financial goals. Our success depends on the continued growth and expertise of our team. In 2025, in recognition of his contributions and professional development, Seth Kritzman was promoted to Assistant Vice President and Senior Fixed Income Analyst. In addition, Seth Kritzman and Chris Burns both earned the Chartered Market Technician designation, a globally recognized credential demonstrating expertise in technical analysis.
Despite an ever-evolving market landscape, our commitment to disciplined, long-term investing remains unwavering. We continue to invest in both talent and technology to ensure our platform is well positioned to serve clients effectively. Every investment decision we make aligns with our documented investment philosophy and reflects our unwavering focus on our clients’ best interests.
On behalf of the entire division, we are honored and grateful for the opportunity to manage our clients’ wealth.
Karen A. Baldwin, CSP™ , SHRM-SCP™ , NDCCDP Chief Human Resources Officer
HUMAN RESOURCES
At Greenleaf Trust, everything we do in human resources connects back to one essential goal: ensuring you receive exceptional, personalized service from talented professionals who share your values.
GROWING TO SERVE YOU BETTER
The year 2025 was one of purposeful growth. We welcomed 18 highly talented new team members, including our first Florida team member, Jeannine Stetson, bringing our team to new levels of expertise and geographic reach. As we expand into 2026 with our new Florida office, we are strategically building a team that can serve clients in multiple states with the same individualized, caring approach you have come to expect.
Our 92% retention rate and 89% team engagement score reflect something important: when our people thrive, you benefit. High engagement translates directly to high performance, meticulous attention to detail and unwavering focus on your needs.
CONTINUITY AND SUCCESSION PLANNING
This year, we implemented a new human resources information system designed to automate manual administrative tasks, allowing our team to dedicate more time to client care. This technology creates consistency in how we develop talent, recognize performance and create clear pathways for growth, ensuring every team member who serves you is positioned to excel.
We invested heavily in leadership development, with many of our leaders enrolled in or having completed four levels of training focused on meaningful conversations, coaching and accountability. These skills directly enhance how our team collaborates on your behalf, anticipates your needs and delivers thoughtful solutions. We are focused on developing the next generation of leaders to ensure seamless transitions and continued excellence in serving you for decades to come.
CELEBRATING OUR TEAM
RETIRED TEAM MEMBERS
The dedication of our team members is integral to our workplace culture--one that limits employee turnover and ensures a consistent client experience. We give gratitude to Kim Dudley, our dedicated team member who retired in 2025. Her countless contributions will leave a lasting impact on Greenleaf Trust.
Kim Dudley
17.5 YEARS
Senior Human Resources Specialist, Senior Team Lead
Our ability to provide the highest level of client service depends on the deep understanding of client needs and the trusting relationships established. We applaud and recognize our team members who celebrated 25, 15 and 10 years of service in 2025.
25 YEARS
Sarah Johansson
Executive Vice President, Director of Marketing
Albert Little
Business Development Vice President, Business Development Officer
10 YEARS
Quinn McCormick
Compliance Specialist II
Rachel Mortensen
Estate Settlement Officer – Team Lead
Andrea Stidmon
Assistant Vice President, Assistant Director of Operations - Strategy and Process Operations
Assistant Vice President, Senior Fixed Income Analyst
When our people thrive, you benefit.
BUILDING AN INCLUSIVE, HIGH-PERFORMING CULTURE
Our commitment to diversity, equity and inclusion isn’t just the right thing to do, it strengthens our ability to serve you. Our first “Sombodiness Survey” revealed that 80% of our team members feel a strong sense of belonging, which research shows leads to better collaboration, innovation and client outcomes. We are proud of this foundation of inclusivity and are committed to continuous improvement.
Together with Translator’s Consulting Group, we are enhancing our inclusion and belonging efforts to ensure every team member brings their best thinking and unique perspective to solving your complex financial challenges.
We employ four generations to include 11% baby boomers, 36% Gen X, 35% millennials, 18% Gen Z, 59% women and 14% persons of color. Our team reflects the diversity of the clients and communities we serve, representing backgrounds, experiences and perspectives that strengthen our problem-solving.
ROOTED IN COMMUNITY, FOCUSED ON YOU
Our team volunteered nearly 2,000 hours in 2025 for local nonprofit organizations. Our expanded scholar and intern programs, led by Carlos Clay and Mercedes Sims, are developing the next generation of wealth management professionals, some of whom will one day serve you and your families. This pipeline of talent, combined with our Wealth Developer program’s reach throughout Southwest Michigan high schools and organizations, ensures Greenleaf Trust will continue to attract mission-driven professionals for years to come.
LOOKING AHEAD
We welcome new team members and celebrate promotions across our team including Hanna Channel as Senior Training and Development Specialist, Cathie Magill as Training and Development Specialist, Mercedes Sims as Senior Program Specialist and T’Ausia Bronson promoted to Benefits Specialist. We are energized by what lies ahead.
Our focus remains unchanged: building a team of exceptional people who are equipped, engaged and empowered to provide you with the highest level of service.
Your trust drives everything we do. Thank you for allowing us to serve you.
Chris A. Middleton, CTFA Chief Retirement Plan Officer
RETIREMENT PLAN DIVISION
The Retirement Plan Division remains firmly committed to delivering comprehensive, innovative and client-focused retirement solutions to small- and medium-sized businesses throughout Michigan and beyond. Over the course of 2025, we strengthened our position as a trusted partner to plan sponsors by combining disciplined growth, thoughtful innovation and a firm commitment to personalized service.
Amid continued regulatory change and heightened fiduciary expectations, the division achieved near-record client-relationship growth, reflecting sustained demand for our consultative approach and the confidence clients place in our capabilities. Our focus remained consistent: simplify complexity for sponsors, empower participants and deliver outcomes grounded in strong governance and operational discipline.
CLIENT OVERVIEW AND RELATIONSHIP MANAGEMENT
Retirement Plan Division clients represent a diverse cross-section of industries, including healthcare, manufacturing, retail and professional services. This diversity continues to strengthen our perspective and reinforces the need for flexible plan design and tailored service models.
Throughout the year, our relationship management team worked closely with plan sponsors to ensure ongoing compliance and optimize plan design. Our approach emphasized proactive engagement by anticipating questions before they arose and offering practical guidance grounded in regulatory insight and best practices. This included regular plan reviews and targeted communications for sponsor leadership.
Compliance excellence remains foundational to our operating model. Throughout 2025, we successfully navigated ongoing regulatory developments.
Participant experience remains a cornerstone of our mission.
Additionally, we continued implementation guidance under the SECURE Act 2.0 and related IRS updates. Our teams ensured that sponsors received timely communications, practical implementation support and clear explanations of regulatory impacts.
To further support sponsors in fulfilling their fiduciary responsibilities, we introduced a new fee benchmarking tool in 2025. This resource provides plan sponsors with clear, data-driven comparisons of plan fees against relevant peer groups, enhancing transparency and supporting informed decision-making. Early feedback from clients and advisors has been highly positive with many citing the tool’s clarity and usability as a meaningful enhancement to their governance processes.
We also continued to see strong adoption of automatic plan features, including auto-enrollment at higher default deferral rates. These features remain among the most effective tools for improving participation and savings behavior, and we actively collaborate with sponsors to implement them in ways that align with workforce demographics and organizational goals.
PARTICIPANT ENGAGEMENT AND EDUCATION
Participant experience remains a cornerstone of our mission. With approximately 25,000 participants across our plans, we recognize that long-term retirement success depends on both access to high-quality investment options and professional guidance to ensure individuals can confidently optimize their financial future.
In 2025, we refined our educational outreach through a combination of digital resources, live webinars and individualized consultations. Our financial wellness program, Savology, continued to gain momentum, offering participants personalized planning tools, budgeting resources and financial literacy content aligned with real-world decision points.
A key initiative this year was the launch of a proactive beneficiary capture campaign, designed to help participants establish and maintain up-to-date beneficiary designations. This effort reflects our commitment to reducing administrative friction, improving estate planning outcomes and supporting participants and their families during critical life events. Beneficiary election rates increased meaningfully as a result of these targeted communications.
Another significant milestone was the continued success of the MyFuture IRA platform. This automatic IRA rollover solution provides terminated participants with a seamless transition from employersponsored plans to individual retirement accounts, preserving tax-advantaged savings while offering increased flexibility and control. Uptake of the platform exceeded expectations in 2025, assisting thousands of participants in gaining additional control and optionality for their retirement savings.
TECHNOLOGY AND A HUMAN-CENTERED SERVICE MODEL
Technology plays an essential role in enabling scale, efficiency and insight, but it does not replace the value of human judgment and relationships. In 2025, we expanded the use of advanced analytics and artificial intelligence to support internal workflows, enhance reporting capabilities and surface actionable insights for both sponsors and participants.
Importantly, these tools are deployed as an overlay to, not a replacement for, our “human intelligence” service model. Technology enhances our ability to serve, but we remain firmly committed to ensuring that knowledgeable professionals are the primary point of contact—a balance that continues to resonate strongly with sponsors and participants who value both innovation and accountability.
Our commitment to this balance is reflected in the performance feedback of our Participant Services Help Center, which achieved an approximately 98% positive satisfaction rating in 2025 based on feedback from several thousand participant service tickets. This consistently high level of satisfaction provides tangible evidence that a human-centered service model—supported but not supplanted by technology—continues to deliver meaningful value to participants, which is increasingly rare within client service models.
GROWTH AND INNOVATION
The division experienced continued growth in plan assets during 2025, driven by a combination of strong market conditions, increased participation and disciplined plan design strategies. Near-record sales results reflected both new client acquisition and deepened relationships with existing sponsors.
Equally important was our investment in leadership development and team advancement. In recognition of their contributions and expanding responsibilities, the following promotions were announced in 2025:
Lisa Hojnacki Senior Participant Services Specialist – Team Lead
These promotions reflect our commitment to building depth, continuity and expertise across the organization.
Implementing new tools to better serve our clients.
As we move forward, the Retirement Plan Division remains focused on delivering measurable value to plan sponsors and participants. Key priorities include:
1
Driving participation and savings outcomes through continued adoption of automatic features and plan design best practices.
2
Enhancing sponsor tools and insights, including further development of benchmarking, analytics and fiduciary support resources.
Balancing innovation with human connection, leveraging new AI technology while preserving relationship-driven service.
We are proud of the progress achieved in 2025 and grateful for the trust placed in us by our clients and partners. With a strong foundation, disciplined growth strategy and dedicated team, the Retirement Plan Division is well positioned to continue delivering meaningful outcomes and long-term value in the years ahead.
James W. Gray, CFA® Chief Strategy Officer
A STRATEGIC OUTLOOK
One year ago, we shared our decision to convert Greenleaf Trust into a national trust bank—a carefully considered milestone in the evolution of our organization. This transformation was not driven by growth for growth’s sake, but by a desire to better align our structure with the lives of the families we serve. As clients increasingly live across multiple states and generations, this change enables us to deliver continuity, consistency and fiduciary excellence without geographic constraint.
For many years, clients who had permanently relocated to Florida or who maintained a seasonal presence shared a common refrain: a Greenleaf Trust office in Naples would be both practical and meaningful. Our decision to establish a presence there reflected long-standing client input, thoughtful market research and a belief that our values would resonate in a community that prioritizes prudence, independence and long-term relationships.
Our first year in Naples reinforced that belief. I am pleased to report that both our team and our permanent office are being built with care and intention. We are excited to welcome Jeannine Stetson, Vice President, Senior Trust Relationship Officer, and West McCann, Senior Strategic Advisor, to our Naples office. Jeannine joins us from a prominent family office in the Naples community and brings deep expertise in the administration of complex trusts and estate plans. With nearly 25 years of trust administration experience in the Naples community, she offers a strong technical foundation paired with a thoughtful, client-focused approach. Jeannine is passionate about building lasting client relationships and delivering exceptional service, making her an excellent fit for Greenleaf Trust. West brings more than 40 years of experience in wealth management and trust administration, much of which is deeply rooted in the Naples community. Together with our established team
members, Dan Baker and Dana Hushak, they represent a thoughtful blend of institutional knowledge, local insight and fiduciary expertise.
Equally encouraging has been the reception we have received from the broader Naples community. It has affirmed what our initial research suggested: families in this market value stability, clarity of purpose and a trust partner whose incentives are aligned solely with the client. In an industry marked by consolidation, shifting ownership structures and evolving business models, Greenleaf Trust’s independence and long-term orientation continue to distinguish us. Our promise to serve families with care and consistency from generation to generation has resonated here just as it has with our long-standing clients elsewhere.
Our presence in Naples is not defined by a single office opening. It reflects a deeper commitment to becoming part of the community, investing time, cultivating relationships and listening carefully to the needs of those we serve. We view this as a long-term endeavor, one that requires patience, discipline and the flexibility to
grow in a manner that is sustainable, thoughtful and aligned with our fiduciary responsibilities.
The completion of our permanent office at The Offices at Pelican Bay in North Naples is expected to be completed early in the second quarter of 2026. Designed to support collaboration and client engagement, the space will serve as a welcoming home for our team and a reflection of our enduring commitment to the region. We look forward to hosting clients and friends who find themselves in the area.
As we take this next step, we are often asked whether Naples represents the beginning of a broader multistate
expansion strategy. Our response remains consistent. While we will continue to listen carefully to our clients and evolve thoughtfully, our foremost priority is exceptional service to those who already place their trust in us. Our focus remains on deepening our capabilities in Michigan, Naples and Southwest Florida, and ensuring we continue to deliver with excellence, consistency and care.
Thank you for the trust you place in Greenleaf Trust. We are honored to serve you and your families, and we remain committed to stewarding that trust with integrity—today and for generations to come.
Thomas A. DeMeester, J.D. Managing Director
THE FAMILY OFFICE AT GREENLEAF TRUST
Through a combination of integrated strategic wealth consulting and relationship-based single family office services, The Family Office at Greenleaf Trust serves a unique segment of Greenleaf Trust client families whose circumstances present specialized and differing needs.
Throughout 2025, we deployed our full suite of wealth advisory services on behalf of our families, including family wealth blueprint design services (clarify planning, optimization planning, family office services), comprehensive and consolidated wealth
Ensuring client families’ well-being is at the center of everything we do.
reporting, investment advisory services, fiduciary and custodian services (Michigan and Delaware situs-based administration), philanthropic services and lifestyle enhancement services. We continue to evolve our processes and procedures to strengthen our ability to provide the highest levels of client service and fiduciary excellence consistent with Greenleaf Trust’s client-first culture.
We work with families at every level of the wealth continuum, from first generation wealth creators to second generation family investment and fiduciary offices, to multigenerational single-family offices. As a rule, their needs are complex and recurring. The Family Office team is comprised of substantively skilled members who bring diverse and varied professional backgrounds to work in concert with client families’ trusted advisors to fully integrate collective knowledge and insights.
Our private ownership structure and commitment to independence, combined with regulatory oversight as a nationalchartered, trust-only bank, afford institutional continuity with integrity of process and procedure which allows us to ensure client families’ well-being is at the center of everything we do. Moreover, we are supported by a purposeful-growth budget process that facilitates robust, industry-leading resources and partnerships, in furtherance of our mission.
I am pleased to report on two earned promotions within The Family Office team:
Davis McFarlane, CFP®, CPA Assistant Director – The Family Office
Jamie Botsko, CFP®, AIF® Senior Family Office Wealth Advisor
Our team is privileged to work alongside our clients, their staff and advisory teams. We look forward to the opportunities 2026 will bring.
Steve McKiddy Chief Financial Officer
FINANCE
At Greenleaf Trust, we believe that serving the long-term financial health of each client is our highest calling. To achieve excellence in that endeavor, nothing else can take greater priority. In support of this, every team member also believes that we best serve our clients when we invest in talent development and the success of our teammates. That workplace culture and commitment to uplifting every colleague is our second priority. Intentionally, shareholder performance is our third focus, following our commitment to both clients and colleagues. While that order may seem counterintuitive to other businesses, I see consistent evidence of the collective success it achieves for our esteemed clients and the company. Indeed, this model has become the cornerstone of our financial strategy.
Our efforts in 2025 provide a strong example of how we plan with this prioritization in mind. Much of the year centered on establishing a new office
presence in Florida to offer expanded service capabilities for that growing base of clients. To be successful, we committed significant upfront capital to operate as a National Trust Bank, open a local office and attract and develop exceptional talent. Had we focused, instead, on financial returns for ownership, our plan would have conflicted with our values and resulted in a flawed approach. But we do not accept that short-term thinking. By design, we challenge ourselves to leverage continuous improvement to create fuel for growth in capabilities and services. That blueprint, developed 28 years ago, has endured numerous economic challenges and has provided the backbone to the firm we see today.
As we look ahead, we remain committed to the disciplined, long-term philosophy that has guided our success for nearly three decades. Our continued investments in talent, technology and service expansion are designed to elevate client care and strengthen the cultural
foundation that defines Greenleaf Trust. With consolidated assets under advisement of $21 billion,* year-overyear revenue growth in line with our long-term targets and a balance sheet that maintains strong capital ratios and ample liquidity, we enter the coming year with exceptional stability and momentum. Supported by a dedicated team and a clear strategic roadmap, we are well-positioned to expand our capabilities, deepen client relationships and deliver enduring value for all those we serve.
We are proud to recognize Brad Baker, who was promoted in 2025 to Senior Financial Planning and Analysis Lead.
Thomas L. Drews, CTOP™ Chief Operating Officer
OPERATIONS
Greenleaf Trust marked 2025 with continued growth, innovation and operational excellence. Our success was driven by the dedication and expertise of our teams across Trust Operations, Business Information Services and Governance, Risk and Compliance. Together, these teams are committed to enhancing the client experience while navigating an increasingly complex technological and regulatory environment.
TRUST OPERATIONS
The trust operations team remains the engine behind the efficient execution of daily trust accounting activities. From account onboarding and documentation to income processing, asset pricing, trade settlement, fee processing and tax reporting, this team ensures accuracy, consistency and timeliness across every process.
In 2025, we prioritized cross-functional training to build operational resilience and flexibility. Today, multiple team
members are equipped to manage each key function, improving our ability to adapt quickly to changes in workload or staffing. This depth of expertise ensures continuity of service and positions us well for future scalability.
Tax reporting remains a key area of focus. In response to evolving regulatory requirements and client expectations, we added talent to the team and leveraged automation to accelerate the production and accuracy of tax documentation. These enhancements have improved our responsiveness and will contribute to a more seamless client experience during tax season.
BUSINESS INFORMATION SERVICES
Business Information Services continues to lead the charge in driving Greenleaf Trust’s technology strategy. As the pace of innovation accelerates, we are focused on implementing solutions that not only support business needs today but also lay a foundation for tomorrow.
A major highlight of 2025 was the rollout of a new document management system. This initiative represents a significant improvement in how we store, secure and access client documents. With improved system integration and automated workflows, the platform enhances both efficiency and compliance, ensuring that documents are properly classified, securely stored and easily retrievable.
Recognizing the growing threat landscape, we also took a bold step in establishing a formal information security function. Under the leadership of Chief Information Security Officer Oliver Krings, we launched a structured security program focused on risk assessment, governance, tool implementation, incident response and ongoing education. This dedicated focus positions Greenleaf Trust to proactively manage cybersecurity risks and safeguard client data.
GOVERNANCE, RISK AND COMPLIANCE
In 2025, Greenleaf Trust marked our first full year operating as a National Trust Bank under the supervision of the Office of the Comptroller of the Currency (OCC). This new regulatory chapter
began with a comprehensive OCC examination, reviewing areas such as asset management, management competence, safety and soundness, capital and liquidity, compliance risk and information technology.
We welcomed the examination process as an opportunity to validate and strengthen our risk management practices. The feedback provided has guided our continuous improvement efforts and affirmed our commitment to regulatory excellence. Transitioning to OCC oversight represents a major
milestone in Greenleaf Trust’s maturity as a financial institution.
In tandem, our internal audit program saw substantial development. With the addition of a new internal audit manager, we have expanded our audit capabilities and deepened our focus on high-risk areas of the bank. The program now operates with greater independence and effectiveness under the guidance of the audit committee and reinforces our culture of accountability and transparency.
PROMOTIONS AND CERTIFICATIONS
2025 PROMOTIONS
We are proud to recognize the following individuals who were promoted in 2025:
Lyndsay Deery
Information Security Program Manager
Jermaine Johnson
Senior Application Systems Analyst – Team Lead
Mallory LaMontagne
Trust Operations Analyst
Cullen McCormick
Trust Operations Analyst II
Victor Perez
Trust Operations Analyst II
Johna Perrin
Trust Operations Analyst II
Jasmine Solis-Trujillo Tax Coordinator II
Brittany Szymczak
Assistant Vice President, Senior Tax Officer
Alexa Wilner
Senior Trust Operations Analyst
2025 CERTIFICATIONS
The following team members advanced their professional development with new designations in 2025:
Jacob Carr
Enrolled Agent with the IRS
Oliver Krings
Certified in Risk and Information Systems Control
Luke Paxson
Microsoft 365 Certified: Endpoint Administrator Associate
Kristen Rollins
Microsoft 365 Certified: Identity and Access Administrator Associate
Salena Al-Saadi
Salesforce Certified
Platform Administrator
LOOKING AHEAD TO 2026
As we look to 2026, we are excited to build on this momentum. Strategic priorities for the coming year include:
Expanding functionality within our core operational systems
Exploring practical applications of artificial intelligence and automation
Deepening regulatory engagement and preparedness
Strengthening our information security posture
Continuing to invest in the professional growth of our team
Each of these priorities supports our longterm vision: delivering excellence in fiduciary service, supported by quality systems, secure practices and highly capable professionals.
Together, we anticipate another outstanding year of service, innovation and progress. Thank you for your continued trust and partnership. We look forward to building on our success in the year ahead.
Sarah A. Johansson Executive Vice President, Director of Marketing
MARKETING AND NEW BUSINESS
Each new year brings an opportunity for the marketing and business development teams to reflect on the past 12 months with gratitude and excitement. Joined by the entire Greenleaf Trust team, we work to drive our company’s forward momentum. We enjoyed strong growth in both the numbers of new client relationships and assets under advisement in each of the markets we serve. Once again, growth was driven by referrals from clients and the professional advisor community.
Our ongoing efforts in public relations continue to pay off. Greenleaf Trust appeared in 46 top-tier, national publications along with several appearances in state and local media. Highlights included opportunities in Newsweek, Kiplinger, Yahoo! Finance and Women’s World
Greenleaf Trust held more than 50 formal marketing events and entertained or educated nearly 1,750 clients and colleagues. We also supported over
80 civic and cultural organizations through sponsorships and charitable contributions. It was especially rewarding to host three events for clients and friends in our newest location in Naples, Florida, and we look forward to a bright future in the Sunshine State.
No matter the opportunities and challenges that 2026 may bring, one thing remains certain: Our clients’ well-being will be at the heart of every initiative and enhancement we undertake. It is both our privilege and pleasure to serve you. We look forward to welcoming you to one of the many seminars and social events we have planned for the year ahead.
AWARDS EARNED IN 2025
Thanks to our focus on culture and the collective efforts of our team members, it was our honor this past year to receive numerous prestigious awards and accolades including:
Best Companies Group and COLOR Magazine Inclusive Workplace
Top Most Loved Workplaces® for Career Advancement
West Michigan’s Best and Brightest Companies To Work For®
Metro Detroit’s Best and Brightest Companies To Work For
Northern Michigan’s Best and Brightest Companies To Work For
Best and Brightest Company to Work For in the Nation
Michigan Best and Brightest for Wellness
Top Workplaces for Innovation
Top Workplaces for Work-Life Flexibility
Top Workplaces for Compensation & Benefits
Top Workplaces for Leadership
Top Workplaces for Purpose & Values
Top Most Loved Workplaces for Diversity
Most Loved Workplace for Neurodiversity
Nation’s Best and Brightest for Wellness winner
2025 Financial Services Top Workplaces
Best Places to Work in Southeast Michigan#4 overall in medium-sized companies
Most Loved Workplaces for LGBTQ+
Michigan Top Workplaces
Salute to Civility & Inclusion in the Workplace Award
2025 America’s Top Most Loved Workplace®
Best and Brightest Iconic winner for West Michigan
Best and Brightest Iconic winner for Metro Detroit
William D. Johnston
Chairman
Ronald A. Elenbaas
Board Member
James Liggins Jr.
Board Member
Ronda E. Stryker
Vice Chair
Dr. Kay M. Palan
Board Member
Bill Manns
Board Member
Michael F. Odar
Secretary
Barbara L. James
Board Member
Sydney E. Parfet
Board Member
BOARD OF DIRECTORS
William D. Johnston
Chairman
Ronda E. Stryker
Vice Chair
Michael F. Odar
Secretary
Ronald A. Elenbaas
Barbara L. James
James Liggins Jr.
Bill Manns
Dr. Kay M. Palan
Sydney E. Parfet
David Thoms
Board of Directors Emeritus
Ronald N. Kilgore
Board of Directors Emeritus
Greenleaf Trust is a comprehensive wealth management firm with specialized disciplines in goals-based wealth management, trust administration and retirement plan services. As a privately held and managed trust-only bank, our independence frees us from conflicts of interest and ensures that our clients’ best interests are at the center of everything we do. Client-aligned and talent-driven, we adhere to the highest standards of fiduciary excellence.
Greenleaf Trust N.A., a Nationally Chartered Trust Bank regulated by the Office of the Comptroller of the Currency, is wholly owned by Greenleaf Financial Holding Company, a Delaware corporation. Greenleaf Financial Holding Company is also the sole owner of Greenleaf Trust Delaware, a Delaware limited purpose trust company regulated by the State of Delaware, Office of the State Bank Commissioner. Both Greenleaf Trust and Greenleaf Trust Delaware provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management and other non-depository services. Greenleaf Trust and Greenleaf Trust Delaware offer personal trust, retirement plan and family office services to families and entities.
211 SOUTH ROSE STREET KALAMAZOO, MI 49007
25 OTTAWA AVENUE SW, SUITE 110 GRAND RAPIDS, MI 49503
34977 WOODWARD AVENUE, SUITE 200 BIRMINGHAM, MI 48009
160 EAST STATE STREET, SUITE 200 TRAVERSE CITY, MI 49684
4000 MAIN STREET, SUITE 200 BAY HARBOR, MI 49770
117 EAST MAIN STREET MIDLAND, MI 48640
5811 PELICAN BAY BOULEVARD, SUITE 200 NAPLES, FL 34108
To learn more, please call 800.416.4555 or visit us at greenleaftrust.com.
