American Community Bank & Trust Partners with Nationwide Exchange Services to Offer 1031 Tax-Deferred Exchange Products.CHICAGO & SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- Nationwide Exchange Services (NES NES Nintendo Entertainment System NES Not Elsewhere Specified (shipping) NES Nuclear Export Signal NES National Election Studies NES Nashville Electric Service NES National Evaluation Systems, Inc. ), a leading Qualified Intermediary The Qualified Intermediary (also known as an Accommodator) should be a corporation that is in the full-time business of facilitating 1031 exchanges. The role of a QI is similar to, but not identical to, the role of an escrow company. , announced today that they are the preferred partner in the handling of American Community Bank & Trust's 1031 tax-deferred exchange business. American Community Bank & Trust actively provides commercial and land acquisition loans to businesses and investors and is pleased to be able to provide a full range of 1031 services. NES is a Qualified Intermediary providing an industry-leading set of 1031 tax-deferred exchange products for individual investors through major US corporations. With sophisticated business processes and controls that meet the requirements of the banking industry, NES provides American Community Bank & Trust an extensive set of 1031 tax-deferred exchange products at the highest level of customer service with minimal start-up Start-up The earliest stage of a new business venture. costs and with full regulatory compliance. American Community Bank & Trust will also have access to a variety of marketing resources provided by NES. "As a preferred partner, American Community Bank & Trust can offer their clients a set of customer-driven 1031 tax-deferred exchange products that will help them defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. capital gains taxes, while delivering a direct benefit to the bank in the form of core deposits and added revenue. In addition, NES provides the bank with improved flexibility, the 1031 industry's most competitive fee structure, security of assets, audited processes, 24/7 account visibility and full regulatory compliance," stated Scott Nathanson, Senior Vice President, Central US Operations at Nationwide Exchange Services. Charie Zanck, Chief Executive Officer of American Community, commented, "We have listened to our clients and we understand our market well enough to appreciate the need for these tax-deferred exchange products and the importance of providing quality solutions which led us to our partnership with NES." Michael Halloran, President of Nationwide Exchange Services, commented, "As the 1031 market continues to grow nationally, there is a substantial need for new standards of service, security and compliance to ensure that risks are minimized for individual investors, corporations, financial institutions and referring sources of 1031 transactions. NES satisfies this need with the broadest complement of 1031 exchange solutions delivered with the highest levels of security, voluntary compliance with regulations applied to financial service market sectors, and transaction transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. for exchange customers large and small." About American Community Bank & Trust American Community Bank & Trust is an independent community bank owned by McHenry County McHenry County is the name of several counties in the United States:
About Nationwide Exchange Services Nationwide Exchange Services (NES - www.nationwide1031.com) is a leading Qualified Intermediary for 1031 tax-deferred exchanges. Since 1990, NES has conducted tens of thousands of successful 1031 exchange transactions across the nation. Today, NES applies advanced technologies to proven business processes to create new standards of customer-driven products and services for 1031 tax-deferred exchanges. NES has been awarded an SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. 70 Type II certification after an extensive audit of its processes and controls and, as a result, is uniquely qualified to serve the needs of companies that must comply with Section 404 of the Sarbanes-Oxley Act See SOX. . |
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