Running a business is time consuming. Don’t let managing benefits and investments take time out of your already busy schedule, or worse, take time away from your customers. Our Trust Department is ready to be your financial business partner, managing your benefit packages, business investments and more. Our team of experts will work together to provide the financial service and the personal attention that you expect. Contact Us today to see what we can do for your business! 
 
Here is some information on the services we provide:  
Employee Benefit Plans                                                   Management Accounts  
IRAs – Simple and Simplified Employee Pension            Escrow Services  
Custodial Accounts                                                                  1031 Like-Kind Exchanges 
 
 
Employee Benefit Plans 
We can handle the details of establishing and running your company’s retirement plan so that you can dedicate your time and energy to your business. Whether it is a 401(k), 403(b), Profit Sharing, or any other employee benefits plan, we can ensure it is both comprehensive and cost effective. 
  • We are experienced in implementing a plan, keeping it in compliance, and handling investment decisions
  • We handle administrative details of your employee benefit plan, including:
  • o Payments to retired employees  
    o Lump-sum payments to terminated employees 
    o Preparing and mailing 1099-R forms to terminated employees and       
             retirees 
    o Preparation of annual IRS Form 5500 Series reports 
    o Calculation of participant interest in plan assets 
    o Preparation of employee participant statements 
     
     
    Individual Retirement Account (IRA) 
    An IRA is one of the best ways to build wealth and save for retirement. Established by Congress, they help employers provide cost effective retirement plans for their employees and to help encourage employees to save for retirement. 
     
    SIMPLE IRA 
  • Stands for Saving Incentive Match Plan for Employees
  • Can be used by small business and tax exempt employers and governmental entities
  • Employees may contribute to a SIMPLE IRA with the employer making matching contributions up to a certain level
  • Generally, contributions are not taxable until withdrawn
  • Early withdrawal tax penalty imposed on withdrawals of money before age 59 ½
  • Rollovers from one SIMPLE IRA to another are permitted
  • Rollovers from a SIMPLE IRA to a Traditional IRA are permitted without penalty after 2 years of participation

  • Simplified Employee Pension Plan (SEP) 
  • Ideal for sole proprietors, partnerships, small corporations, and or for any tax-exempt entities
  • Easy to maintain
  • Less cost and paperwork than more complex retirement plans
  • Employer contributions to a SEP are deposited into an IRA owned by each employee
  • Contributions are tax deductible by the employer and are not treated as current taxable income of the employee.
  •  
     
    Custodial Accounts 
    This account type gives investors complete control of their investments decisions without the headache of handling the paperwork.  
  • Ability to choose different types of investments such as mutual funds, stocks, government securities, or certificates of deposit
  • Diversify and change your investments as often as you choose to optimize your return
  • We provide various bookkeeping services, including:
  • o periodic consolidated statements 
    o collection and distribution of income 
    o details of purchases and sales of securities 
    o notification of all transactions 
    o year-end tax information 
     
     
    Management Accounts 
    This account type is for investors who may not have the time or expertise to manage their own investments.  
  • We assist you in the design and implementation of an investment portfolio based on your goals and objectives.
  • We follow an investment strategy designed according to your investment style, goals, and tolerance for risk
  • We provide various bookkeeping services, including:
  • o periodic consolidated statements 
    o collection and distribution of income 
    o details of purchases and sales of securities 
    o notification of all transactions 
    o year-end tax information 
     
     
    Escrow Services 
    We can serve as an independent third-party to hold money or other property in situations where an independent third-party is needed. 
     
     
    1031 Like Kind Exchanges 
    When you and your tax consultant have decided that a 1031 tax-deferred like kind exchange is best for you, we will see to it that the transaction proceeds according to your plan. 
  • Used to defer gain or loss on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged for similar property.
  • As a Qualified Intermediary, we prepare the exchange agreement and provide you with forms and reminder letters to simplify the process.
  •  
     
    Meet Our Team 
     
    Hal Pennington 
    EVP/Senior Trust Officer 
    Email Hal 
    With over 35 years of Trust and Investment experience, Hal manages our department. This Duncan resident is also active in the community including membership in Duncan Rotary, Leadership Oklahoma, the Oklahoma Bar Association, and Duncan Public School Bond Advisory Committee. 
     
     
    Craig Heaton 
    SVP/ Trust Department Manager 
    Email Craig 
    With nearly 40 years of banking experience, 20 of those spent in Trust and Investments, Craig having an undergraduate in finance and a law degree can help with your Business Development, Estate and Retirement Planning. Email Craig, stop by to see him in our Norman 36th Banking Center, or just catch him at the Norman Rotary Club. He is always ready with advice to take you to the next level. 
     
     
    Lynnette Irwin 
    VP/ Trust Operations Manager 
    Email Lynnette 
    This life-long Duncan resident has over 30 years experience working in Trust. Lynnette has worked at many banks, but we are glad she has finally settled with our First Bank & Trust Co. family, heading up our Trust Department operations at our Duncan Main Banking Center.  
     
     
    Janetta Hall 
    CDAR/ Trust Assistant 
    Email Janetta 
    With over 20 years of banking experience, this life-long Stephens County resident specializes in certificates of deposit. Please email Janetta with any questions you may have or stop by to see her in the upstairs Trust Department located in our Duncan Main Banking Center. 
     
     
    Non-deposit investment products are not insured by the FDIC; non-deposit 
    investment products are not obligations of, or guaranteed by, the financial institution; 
    and non-deposit investments will subject the purchaser to investment risk, 
    including possible loss of the principal amount invested. 


    FDIC
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