Assistant Trust Officer

Company: Valley Bank
Location: Paramus
Posted on: March 17, 2023

Job Description:

The Assistant Trust Officer will be responsible for the Trust Department meeting its reporting requirements to clients, management, regulators and other parties, as necessary. Duties include preparation and review of client reports, preparing for in-person and/or virtual meetings, and facilitating discretionary distributions. Responsibilities include, but are not limited to:

• Assist in trust administration, including review and synopsis of governing instrument, processing of payment requests, correspondence with beneficiaries and other interested parties, review of required tax filings, and termination/distribution of assets upon occurrence of a terminating event.
• Assist in estate administration, including review and synopsis of documents, collection and valuation of assets, coordination of preparation, and filing of estate tax and income tax returns, gather documentation and records needed for the preparation of accountings, and distribution of assets.
• Assist with all Trust Department accounts to ensure the accounts are properly managed according to their specific terms and conditions as outlined in each agreement; ensuring proper documentation is maintained for each of these accounts and all transactions are properly authorized and ensuring the accounts are monitored for compliance with all AML/BSA requirements.
• Assist in the sales process including preparation of presentation materials; attend conferences; and client meetings as needed.
• Assist with the following trust administrative activities:
  • Recurring account review related to Reg (9) and related policies
  • Prepare minutes for Account Oversight Committee (AOC) and Discretionary Payments Committee (DPC)
  • Discretionary and non-discretionary open items
  • Missing documentation report
  • Maintain procedure manuals
  • Onboarding new accounts
  • Review all new accounts opened to ensure all CIP documentation has been completed and is contained in customer file.
  • Check for OFAC compliance for new accounts
  • Complete all required training assigned by Valley Bank

Keywords: Valley Bank, Paterson , Assistant Trust Officer, Other , Paramus, New Jersey