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Genesis Bank Launches 1031 Exchange Division

August 30, 2022, 07:00 AM
Filed Under: Banking News

Genesis Bank launched Genesis Bank Exchange, the Bank’s 1031 exchange division. Genesis Bank Exchange will serve as a Qualified Intermediary to facilitate Section 1031 exchanges of like-kind investment and business real property, will hold client funds in segregated trust accounts, and will fulfill all administrative, legal, and tax-related compliance obligations for its clients.

Stephen H. Gordon, Founding Chairman and Chief Executive Officer, stated, “I am extremely excited to announce the launch of Genesis Bank Exchange, which is highly synergistic with our existing commercial banking focus, our income property banking expertise, and the Bank’s recent launch of Genesis Bank Escrow. Through our extensive past experience founding, building, operating, and acquiring numerous market leading escrow and Section 1031 exchange accommodators, including TIMCOR Exchange Corporation, North American Exchange Company, Lawyers Asset Management, and most recently, Commerce Escrow and RPM Investments, we have developed deep relationships through multiple decades with a broad range of real estate investors, owners, and operators, as well as attorneys and commercial real estate brokers across our Southern California target markets of Los Angeles, Orange, Riverside, and San Bernardino Counties. Such vast experience within our veteran team has enabled us to successfully grow and scale our commercial real estate business since our initial launch, and we are now pleased to add Section 1031 exchange capabilities to our comprehensive, technology-driven, suite of products, services, and solutions.”

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