An ESOP is a qualified employee benefit plan that invests some or all of its assets in qualifying employer securities. An ESOP can borrow money to acquire employer securities and can deliver deferred payment or even the elimination of capital gains taxes.
ESOPs are typically used to buy out a major shareholder’s stock, finance corporate operations or growth through a tax-deductible vehicle or foster and increase employee involvement through ownership.
The primary business benefits of an ESOP include increased productivity, corporate financing through tax-deductible contributions, provide for ownership succession, provide a market for the company’s stock and provide a company-oriented retirement plan option.
We serve as trustee for on-going plans, agent for internal trustee or independent trustee on purchase and sale transactions. We can act as a directed or discretionary trustee.
Philosophy
Act solely in the best interest of plan participants and their beneficiaries
Follow documents, unless inconsistent with ERISA guidelines plan
Always act prudently
Trustee Responsibilities
Review/Analyze Plan
Annual valuation
Vote employer securities
Investment diversification
Analyze proposed transactions
Fees
No minimum
Extremely competitive
Based on complexity, size, and time involved
Fixed fee or range of fees
Quotes provided after situation analysis review
Three CPAs, a CFA charter holder and a JD
Involved with over 15 ESOP buy/sell and more than 100 M&A transactions
Extensive ERISA plan experience
Member of ESOP Association, National Center for Employee Ownership and Ohio Employee Ownership Center
Experience in tax, accounting, merger/acquisition, legal, lending, financial analysis and plan administrative experience
Worked with numerous attorneys and valuation firms across the country
Reviewed and analyzed substantial number of valuation reports
Why Choose BNC National Bank as your ESOP Trustee?
We have more experience with ESOP transactions and plans than any other Minnesota financial institution.
We offer a diverse set of accounting, legal, valuation, credit analysis and communication skills to address your ESOP plan needs and issues.
Want more information?
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local branch,
Fill out a
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form and a wealth management specialist will contact you, or
Call us at 1-800-BNC-BANK (1-800-262-2265).
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