Rebecca A. Martin graduated from the Leadership Louisville Class of 2020

The Glenview Trust Company is extremely honored to announce that Rebecca A. Martin graduated from the Leadership Louisville Class of 2020.

Rebecca A. Martin
Trust Professional

Rebecca was selected to be one of the professionals to attend the Leadership Louisville Class of 2020.  The Covid-19 pandemic was not going to stop this class from accomplishing their goals.  They overcame the challenges of social distancing and set new ways to modernize their collaborating techniques to accomplish change.  They defined issues facing our community, worked with decision markers to influence change and innovated new ways to do business in Louisville.  The lasting friendships and social resources will continue to facilitate change and continued growth in our community for years to come.  We want to take a moment to thank the Class of 2020 for their unwavering commitment to our community.

Leadership Louisville Class of 2020

Glenview Trust Market Update

July 23, 2020

We hope this letter finds you and your loved ones healthy and safe.  We at Glenview Trust have been extremely fortunate with minimal health impacts from COVID-19, and our business continues to operate well while most of us are still working remotely.  In the office, we continue to follow the CDC’s recommended best practices by social distancing, limiting the number of employees in the office and face-to-face meetings, and sanitizing our office spaces frequently.   

Continue reading

Stay Diligent – Security Communication

April 28, 2020 Stay Diligent – Security Communication

It is unfortunate, but scams and fraud are increasing and all of us need to be alert both during and following the pandemic.  Scammers are becoming more and more creative and are preying on the elderly, millennials, businesses, and  anyone else  they can.  At The Glenview Trust Company, we are focused on your financial security and want you to be aware of an increased number of scams and to approach them with caution.

Scammers can have data about you from multiple sources, including social media, so it’s not unusual to get an unsolicited phone call or email that passes for a legitimate communication.  They know more about you than you may suspect.  There is a new wave of scammers who are using clever tricks to take advantage of people.  They use a variety of methods such as posing as the IRS or offering to sell you phony Covid-19 test kits.  With an online interaction or a phone call, people tend to let their guard down.  Here’s an action plan for you to think through the next time you get an unsolicited email or phone call:

  1.  Stop  –  Don’t automatically open any email and attachments, or answer any phone call.  If you get a call from an unrecognized number, don’t answer. Wait and see if they leave a voicemail.  If the email address is unfamiliar or the subject seems out of place don’t open it.  If you do open an email that looks strange, never click on a link it might contain.
  2. Think  –  Does the email or call make sense to you.  Are you expecting an email or call from the sender?
  3. Protect  – Verify the sender.  Once you open an email or pick up the phone, investigate what the person is asking you to do.  If the communication seems suspicious, then call the individual or organization back using a phone number you already know.

Without verifying the authenticity of an email or call, you should never do the following:

  • Give your social security, date of birth, or other personal information;
  • Provide access to your home computer system;
  • Give your credit card number or bank information; or
  • Provide passwords for any online accounts.
Continue reading

April 9, 2020 Coronavirus Update

April 9, 2020 Coronavirus Update

First, and most importantly, we hope this finds you well and healthy and safe.  The COVID-19 pandemic is unprecedented in so many ways and presents so many challenges to our everyday lives that it can be easy to lose sight of the human side of things, physical and mental health.  We also hope your quarantines are going as well as possible.  We continue to work mostly remotely, practicing social distancing, with only a small group of key individuals in our office.  So far, we are pleased to report that it’s been business as usual.   

The past five weeks have seen dramatic declines and increases in global markets.  Bull and bear markets are generally defined as a 20% change in value, up or down, respectively.  By that definition, we’ve had a bear market and a bull market since March 11th!  Daily stock price moves of more than 1%, either way, have happened on 24 of the last 25 trading days.  Stocks, while still about 20% below their all-time highs on February 19th, are up 28% from their March 23rd lows. 

There are so many mind-boggling statistics that illustrate the impact COVID-19 is having on our country.  In the last three weeks, 16 million people (3.3 million, 6.6 million, and 6 million, respectively) have filed for unemployment.  The previous high for a week was about 700,000 in 2009.  Airline travel has decreased by 95%.  90% of companies are encouraging or requiring their employees to work from home.  And, of course, toilet paper sales have spiked 116% compared to last March.  The magnitude of the numbers, good and bad, have been truly breathtaking. 

As it did in 2008-2009, the federal government has approved massive amounts of support to financial markets, small businesses, and individuals trying to cushion the economic damage the virus and shutdown of many parts of our economy will cause.  It is impossible to predict the level of economic damage accurately.  We’ve seen estimates of GDP declining between -5% to -30%+.  It all depends on when conditions improve enough for people to resume reasonably normal lives.  While we have no idea when that might be, one thing that is safe to say is the faster, the better.     

Despite the rapid rally in stocks, we don’t know whether markets have found their ultimate low point or not.  They found a bottom on March 23rd, the day before the Fed/Treasury announced their first response to the unfolding economic carnage.  However, markets often hit a low point during a crisis/bear market that is followed by a strong rally, and then go down to “test the lows” later.  During the 2008-2009 financial crisis, stocks hit a low in November, rallied into January, and then dropped to what proved to be the ultimate bottom on March 9th of 2009.  One big difference is, in that crisis, it took the Fed and Treasury several months to cobble together the bailouts and stimulus packages that ultimately ended that recession.  This time their response has been remarkably fast, just a few weeks.  Whether these plans address the correct economic issues and whether they can be well-executed getting help where it’s most needed remains to be seen.         

During crises, there are opportunities to add value to client portfolios even though stocks are going down.  One way is by realizing losses on stocks in portfolios that allows investors to offset current or future capital gains.  While no one likes to lose money on their investments, lowering future capital gains taxes essentially lessens the magnitude of the loss by about 20%.  Importantly, we typically reinvest sale proceeds immediately into similar stocks or broad market ETF’s to avoid missing the big rallies that often follow the worst days. 

Over the past several years, we have lowered our exposure to foreign stocks.  While arguably inexpensive, structural problems in developed and developing economies that the current crisis will unquestionably magnify, changed our minds as to whether dedicated international exposure made sense.  So other than in accounts where international exposure is mandated, we will be selling our international funds, and reinvesting the proceeds in U.S. based companies.

Please know all of us at Glenview Trust are 100% focused on helping you navigate these difficult times. We will continue to write and call to keep in touch with you.  We will be updating our website ( any time we have new information about the company, or COVID-19 and the markets.  You will find our notes and other perspective pieces and company news, by clicking on the “Glenview News” tab at the top of our homepage.  Meantime, please do not hesitate to call any one of us if you need something or just want to talk.   

As always, thank you for your trust and confidence.

The Glenview Trust Company         

Coronavirus Market Update

March 19, 2020 – Market Update

Stocks dropped about 6% Wednesday and are now down about 35% from their all-time high level set only one month ago.  The fall has been breathtaking and unprecedented and unsettling, to say the least.  Fear over the extent to which COVID-19 and the actions taken by federal and state governments to combat it’s spread will damage the economy has led to wholesale selling of stocks, many types of bonds, and even gold, traditionally viewed as a safe haven.  It seems apparent that the economy is going into, or is likely already in, a recession.  (The average market decline during recessionary periods happens to be, interestingly, 35%.)

Unfortunately, the hysteria surrounding this pandemic will likely lead to more scary headlines, more selling, and even lower stock prices.  During times like these it is important to try to remain calm, which can admittedly be difficult.  Even those of us who have been in this business a long time and have lived through several market drawdowns and nasty bear markets can grow fearful when it’s happening.  During our investment meeting today, we thought back to the financial crisis, when the global financial system was literally on the brink of collapse and seeing the investment team’s members fear and angst.  Even though the team represented well over 100 years of investment experience, faces looked gray and ashen due to the nonstop negative headlines and the plummeting stock prices and worry for our clients.  It’s easy at those times for even the most experienced professionals to think there is no answer and lose hope. 

But giving up hope is not a strategy.  Eventually the market bottomed, and things got better.  Measures taken by governments around the world allowed the financial system to begin healing, companies did what they do, and the stock market rallied strongly.  Business revenues and earnings started going up, and we had an 11 year economic expansion and stock market boom.  It’s happened numerous times over the last 100 years and will do so again. 

Even in the best of times, stocks are volatile assets.  As the chart below shows, every year since 1980, at some point stocks were in negative territory.  In 30 out of the 40 years though, stocks ended the year with a positive return.  Obviously, the current decline is lower than the -13% shown as of the end of February.  We think the point to keep in mind is that stock market volatility is normal and is simply part of the price investors pay for the higher return stocks provide over time.

COVID-19 will be defeated.  We don’t know how or when, but, if history is any guide, the combination of massive financial resources, and human ingenuity and innovation will solve this problem.  Businesses will re-open and we won’t have to be shut-ins anymore and we will be able to live normal lives again. This is not meant to be flippant, but this too shall pass. 

Meantime, we will help our clients, and our Glenview family, weather this tumultuous period.  These are the times when we add the most value for our clients.  It’s when we can walk side-by-side with them, and each other, to ensure that we make the wisest decisions we can to help all of us come out the other side in the strongest position possible.  Hang in there.  Turn off the news.  Take good care of yourself and each other.  And look forward to a bright future, because it will be. 

To better keep you informed, we posted a letter to our website ( last Friday with comments about COVID-19 and the markets.  You can find it, as well as our other perspective pieces and company news, by clicking on the “Glenview News” tab at the top of our homepage.  And please know we are all 100% focused on helping you navigate these difficult times.  Though many of us are working remotely, we are fully functional and only a phone call away.  If we haven’t reached out yet we will shortly.  Please do not hesitate to call any one of us if you need something or just want to talk.   

As always, thank you for your trust and confidence.

The Glenview Trust Company     


Coronavirus (COVID-19) Outbreak

Coronavirus (COVID-19) Outbreak

We don’t know how serious and widespread this coronavirus (COVID-19) outbreak will ultimately be, but markets are clearly selling off on expectations of slowing economic growth or outright contraction/recession.  U.S. stocks have dropped almost 20 percent from their all-time highs reached merely three weeks ago.  Some of the most impacted industries have seen companies’ stock prices decline 50 percent or more.  Adding to the plunge is the more than 17 percent decline of oil prices resulting from a price war between Saudi Arabia and Russia on top of the virus-related decline in demand. 

You have heard about curtailed travel, cancelled or postponed events, quarantines, and attempts to disinfect.  As more of these measures are put in place, global economic activity will certainly contract further. 

The fact that equity markets entered the COVID-19 scare at or near all-time highs and at full valuations exacerbated the stock market declines.  Given the high valuations, it is no surprise that a global health scare and the large decline in oil prices would cause extreme stock price swings.  And with the growth of high speed, algorithmic trading, huge price moves based on news headlines can happen almost instantly. 

Over the last 40 years, there have been numerous pandemic scares (Chart #1).   

And while they have occurred at various stages of economic growth and equity valuation levels, the market impact has been more-or-less temporary.  There have also been plenty of days during that time that saw large stock price declines (Chart #2).

Monday March 9th –interestingly, the 11th anniversary of the Great Financial Crisis market bottom– was the eighth worst day (on a percentage basis) since 1987.  Within a year of 13 of the prior 15 worst days, the S&P 500 was up 17 percent or more.  Of course, past performance is no guarantee, but it is reasonable to expect that efforts to contain the spread of COVID-19 will eventually succeed, and that its impact on global economic activity will fade, similar to MERS, SARS, Ebola, and Zika.

Our most important job as investment professionals is to help our clients prepare for these inevitable periods of stock market declines.  For the last 18 months, we have written about the importance of rebalancing portfolios.  The long post-crisis bull market has given us the opportunity to do so.  It is critical to routinely assess whether your portfolios are appropriately balanced among asset classes, based on your specific goals, risk tolerance, and liquidity needs.  

Sudden market drops like those we’ve seen the last few weeks are scary.  It is human nature to be frightened and emotional when so much uncertainty exists.  We feel the pain too.  Yet these are the times when your Glenview investment professionals can add the most value by helping you stick with your plans for achieving your goals and objectives, and successfully weathering these inevitable stock market shocks. 

As always, we appreciate your trust and confidence and value your relationship.  Please call if you have concerns you would like to discuss more thoroughly.
The Glenview Trust Company



Appointment fills seat of the late David Jones, Sr.

LOUISVILLE, KY (January 22, 2020) – The Glenview Trust Company has elected William C. Carstanjen to its board of directors. He was elected unanimously by the members of the board on December 19, Carstanjen is currently CEO of Churchill Downs Inc.

Carstanjen brings professional experience from two international corporations with prominent presence in Louisville, GE and Churchill Downs Incorporated (CDI). At CDI, Carstanjen has led the company’s
diversification strategy into online wagering on thoroughbred racing via and into regional casino gaming as well as helped lead the growth of the Oaks and Kentucky Derby events.

“We are pleased to welcome Bill as the newest director to The Glenview Trust Company board,” said board chair J. David Grissom. “Filling the seat left vacant by the death of David Jones, Sr. earlier this year was an important undertaking and we are fortunate to have Bill and the exceptional experience and perspective he brings to the board.”

Bill Carstanjen is the Chief Executive Officer of Churchill Downs Incorporated and a member of its board of directors. Prior to becoming the CEO in 2014, Carstanjen served as the President and Chief Operating Officer for several years. Carstanjen joined Churchill Downs in 2005 as the Executive Vice President, Chief Development Officer and General Counsel. Prior to joining Churchill Downs, Carstanjen was an executive with General Electric Company. Carstanjen began his career as an attorney in New York with Cravath, Swaine & Moore LLP.

Carstanjen joins the Glenview Trust board of directors that currently includes, Robert C. Ayotte, Tawana Edwards, Sandra Frazier, J. David Grissom, Ronald J. Murphy, W. Austin Musselman, Jr., Scott Neff, R. Alex Rankin and Leonard M. Spalding, Jr.

About The Glenview Trust Company
The Glenview Trust Company is a state-chartered trust and investment company whose hallmarks are local leadership, shared management and unparalleled attention to client satisfaction.

Glenview is one of the largest independent trust companies in the Commonwealth with more than 600 client relationships and $15.7 billion in client assets under administration. The Company focuses on building enduring relationships with individuals and families by providing timely and unbiased advice that helps clients reach financial goals and achieve a more enriched life.

Stephanie L. Morgan-White – Serving on the ABA Trust School Advisory Board


Stephanie L. Morgan-White passed the Certified Trust & Financial Advisor (CTFA) Exam in October 2019.  Prior to sitting for the Exam, Stephanie completed three (3) years of ABA Trust School earning Certificates in Trust at the Advanced, Intermediate and Foundational Levels.  She is now serving on the ABA Trust School Advisory Board.  Stephanie joined The Glenview Trust Company as a Trust Professional in April 2016 following nineteen (19) years in the private practice of law and two (2) previous years with the Kentucky Court of Appeals.

August 15, 2019 – Glenview’s Market Thoughts…

Glenview’s Market Thoughts…

Wednesday morning the two-year to ten-year treasury yield curve inverted for the first time since 2007.  An inverted yield curve occurs when short-term interest rates rise to a level higher than longer-term ones.  In this case, the two-year treasury yield is a few basis points (a basis point is 1/100th of one percent) higher than the ten-year yield.  Taking heed, major stock markets around the world were down over two percent on top of the increased volatility of the past few days. 

Historically, recessions have occurred, on average, 22 months following a two-ten inversion.  Counterintuitively, the S&P 500 has averaged a 12 percent positive return one year after a two to ten inversion, and it’s not until about 18 months after an inversion that the stock market starts to see bear market-like declines.

Why has the yield curve inverted and what does it mean?  We’ve written before about the potential negative effects of the trade dispute between the U.S. and China and several seem to be playing out.  Growth in the U.S. has slowed as has economic activity in many other parts of the globe.  Germany and France saw their economies contract last quarter and growth in China, although the numbers can be unreliable, is undoubtedly slowing too. 

Given the increasing interdependence of the global economic system, it is only natural that slowing growth among the world’s largest economies puts pressure on others.  In this slow growth/contracting economic environment, central banks and large institutional investors prefer to own bonds because of their relative price stability compared to stocks.  That in turn increases the price of bonds, lowering bond yields (aka interest rates) since bond prices and yields move in opposite directions.  When long-term interest rates decline below short-term rates (inverts) the bond market is essentially forecasting a recession.

An inverted yield curve has practical implications for the business cycle as well.  In a normal economic environment banks “lend long and borrow short,” lending at higher rates and borrowing the money to fund those loans at lower rates.  The difference between the two rates—the spread—is the bank’s profit margin.  The lower the spread is, the pickier banks become about who and what they will finance, making companies and individuals more likely to delay or cancel capital spending and other purchases.  When that slowdown reaches the point that the economy contracts a recession occurs.

No one knows if this inversion will ultimately lead us into recession or when the next bear market will begin.  Since 2017, we have been helping clients focus on whether, given the strong equity returns since 2009, they remain comfortable with their allocation between stocks and bonds.  Even after the volatile last few days, major U.S. markets are within six percent of their all-time highs.  As such we remain confident this is a prudent time to continue focusing on asset allocation and ensuring clients are comfortable with theirs.  Maintaining that comfort level helps all of us weather inevitable market declines by focusing on long-term goals and avoiding emotional, undesirable decisions.    

Thank you as always for your confidence and trust!
The Glenview Trust Company      

Peggy Krug – Alumna of the Year Award

Peggy Krug of Louisville, Ky., received the Alumna of the Year Award to honor the exceptional amount of time she has spent advancing WKU in her home community. A 1978 alumna and Lifetime Member of the WKU Alumni Association, Krug has served as Treasurer of the Greater Louisville Alumni Chapter and a member of the WKU Alumni Association Board of Directors, where she has chaired the Alumni Achievement Task Force and overseen the Hall of Distinguished Alumni selection process.

Peggy Krug 
WKU Alumna of the Year Award