Other Trust Services

First Banking Center's Trust Department takes pride in being able to provide other types of trust services that may fit your needs.

Custodial Accounts

If you could use more free time to spend with family or pursue your hobbies, you can delegate your investment administrative recordkeeping responsibilities to us by opening a Custodial Account.

If you have assets or physical securities certificates in your safe deposit box, at home, or at several brokers, our reliable staff can help take the hassle out of safekeeping those securities and protect them from loss or damage.

First Banking Center will execute all trades at your direction, settle all transactions, collect income, and provide you with one consolidated accounting statement. You still have the power to make your own investment choices. If you wish, we could set up the account for you to receive income distributions from the account by check, ACH, or wire transfer. We can even take care of paying your bills out of the account.

Real Estate Exchange Trust or 1031 Exchanges

If you are looking to defer payment of capital gains tax on the sale of investment property, First Banking Center can help administer a 1031 Real Estate Exchange Trust.

This type of trust allows you to sell or dispose of real property or personal property and acquire other real property while deferring the payment of capital gains tax. A 1031 Exchange may be appropriate for the sale of your property if:

  • The property for sale is held for rental income, investment purposes, or for use in a trade or business
  • The property is not your primary residence or used for personal use
  • You intend to purchase replacement property with the proceeds from your sale
  • You would benefit from deferring capital gains or losses

To complete a 1031 Exchange there are time frames stipulated in the Internal Revenue Code (IRC) Section and there cannot be constructive receipt of the funds from the sale of the relinquished property. This is where First Banking Center is utilized as a qualified intermediary to facilitate your Real Estate Exchange Trust.

Not a deposit. Not FDIC insured. No Bank Guarantee. May lose value. Not insured by any federal government agency.