Trust Officer

Job Description

Job Description

Description : POSITION DESCRIPTION

Trust Officer at West Liberty State Bank, an Office of South Ottumwa Savings Bank

West Liberty, Iowa

DATE : October 2024 EMPLOYEE : Assigned Employee

JOB STATUS : Full Time CLASSIFICATION : Exempt

POSITION : Trust Officer

SUPERVISOR : President & CEO

POSITION SUMMARY / PURPOSE :

Responsible for providing clients with expert advice on trust and estate matters, creating and overseeing trusts under the terms of the governing trust document, supporting the operations of the Trust Department and ensuring that applicable regulations and Bank procedures are complied with in the process of transacting business.

RESPONSIBILITIES AND DUTIES :

• This is a salary exempt from overtime position based on a normal 40 hour work week, Monday through Friday with some scheduled Saturday mornings.
• Compliance with applicable regulations is the responsibility of every employee. The incumbent is responsible for ensuring compliance with laws, regulations and rulings governing Trust services and the policies and procedures of the Trust Department of the bank as they relate to individual job responsibilities. An evaluation of the employee's performance in meeting these compliance responsibilities will be included in the annual performance review.
• Support overall goals of bank and trust department.
• Business development of new Trust customers and accounts, concentrating on both additional assets and income. Promote the bank’s trust services to clients, community members, and business associates. Conduct periodic trust seminars.
• Assist clients and attorney with formation of new trust accounts, providing advice concerning types of trusts and arrangements that are best suited for the situation.
• Collaborate with client’s attorney to draft legal documents specifying trust and estate provisions, duration, and other matters.
• Collaborate with the investment advisors to choose appropriate investments based on long-term financial goals and the best interests of the beneficiaries; ensures that prudent investor rule is followed in investment of the trust.
• Facilitate the process of transferring funds and assets to corpus of trust.
• Collect income or proceeds from sales of assets and deposit funds in trust accounts.
• Facilitate payment of debts, liquidation of liabilities, and disbursement of funds as needed by the beneficiaries and terms of the trust.
• Prepare and report financial accountings for grantor, beneficiaries, executors, and / or courts as required by specific provisions of a trust agreement.
• Prepare, files, and pay, or oversee the preparation and payment of applicable state and federal taxes for the trust.
• Act as personal financial advisor when specified by the guidelines of the trust agreement.
• Hire and oversee appraisers, as necessary, to determine the value of various assets, to determine whether the sale of assets is recommended, and to identify the appropriate methods of sale.
• Support trust operations and provides training and education to supporting staff.
• Know, understand, and follow South Ottumwa Savings Bank policies and procedures.
• Serve on the Trust Committee and monthly meetings.
• Gain familiarity with all Bank products and services. Use of Bank products and services is highly encouraged.
• Attend annual Trust Association meeting.
• Performs other duties as assigned by management.

WAGE AND BENEFITS :

Salary is based on experience. We offer a competitive benefit package associated with this position including options for medical, dental, vision, short term & long term disability and life insurance, a generous 401K plan with employer match, employee assistance program, paid vacation, PTO, and holiday time off.

South Ottumwa Savings Bank is an Equal Opportunity Employer. In compliance with the Americans with Disabilities Act, South Ottumwa Savings Bank will provide reasonable accommodations to qualified individuals with disabilities and encourages prospective employees and incumbents to discuss potential accommodations with South Ottumwa Savings Bank.

EOE / Veteran / Disabled

Requirements :

SKILLS REQUIRED TO PERFORM THE JOB :

Previous experience as Trust Officer required, with minimum of 10 years’ experience highly desired. Excellent verbal and written communication skills and superior customer service skills required. Ability to communicate effectively and attract trust clients. Thorough understanding of tax law, investments, financial planning and financial ethics. Ability to identify appropriate actions for clients in terms of investment and liquidation. Ability to maintain confidentiality. Excellent mathematical skills. Computer skills required. Ability to prioritize workload, meet deadlines, and multitask necessary. Ability to maintain tact, composure and professionalism under stressful situations. Must possess current driver’s license and be willing to travel regionally.

REASONING ABILITY :

Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of information in mathematical or diagram form and deal with several abstract and concrete variables.

MEETINGS :

Attend all meetings held by committees of which the Trust Officer is a member.

PHYSICAL DEMANDS :

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties the employee is regularly required to sit, talk and hear. The employee is frequently required to use hands and fingers. The employee is occasionally required to stand and walk. Specific vision abilities required by this job include close vision and ability to adjust focus. Ability to drive.