Trust Services

Trust Department Staff

WHAT WE DO

We offer flexible investment opportunities so don’t delay contacting the Trust Department at Citizens 1st National Bank at 732-5440.

Trust Administration

An arrangement in which a trustee (for example Citizens 1st National Bank Trust Department) manages property for the benefit of an individual or organization (the trustor).

Who Can Benefit:

People who need assistance managing financial affairs
Those who want to keep family assets intact for future generations
Families who want to reduce exposure to estate and inheritance taxes
Clients who want to pass assets to a charitable organization

Examples:

Revocable Trust - can be changed at any time
Irrevocable Trust - cannot be modified in any way; all title to assets are in the name of the trust, which will be passed on to future generations, as designated.
Living Trust - effective during the trustor's lifetime; usually revocable
Testamentary Trust - established via the will of a deceased person, ensuring property will be administered in accordance with his or her wishes
Charitable Trusts/Foundations - created for the benefit of charitable organizations

Estate Planning

Investing, managing, and administering a client's property to maximize its income and growth potential for the benefit of future generations.

Who Can Benefit:

People who need professional assistance in managing and protecting property
Those who want to minimize the impact of estate and inheritance taxes

Examples:

All of our trust products can be used selectively to help you accomplish your estate planning goals.

Retirement Plans

Financial programs designed to provide a vehicle for retirement savings.

Who Can Benefit:

Individuals who need a resource for retirement income
Self-employed business owners
Businesses

Examples:

Individual Retirement Accounts (IRA's)

Traditional, Roth, Education and Rollovers - offering tax advantages for the individual

Business Programs

Simple IRA - employee salary deferral plan that requires a limited small business employer contribution
Simplified Employee Pension (SEP) IRA - a plan established by a small business employer to provide retirement benefits for employees
Profit Sharing and Money Purchase Plans - benefits for the self-employed business owners or the large employer business

Individual (k)

As a farmer, self-employed business owner or an individual who pays self-employment income tax, you know the importance of maintaining financial security. An Individual(k) retirement plan can help you reap the benefits of your hard work today and save for the future.

The Individual(k) plan derives its name from the tremendously popular 401(k) plan, but it is unique because it is designed explicitly for small, owner only businesses. Under many circumstances, it allows significantly greater tax-sheltered contributions than other traditional types of small business retirement plans.

Here are a few of the features that make an Individual(k) plan so appealing.

Higher contribution limits
Roth-type contributions that are after-tax with potentially tax-free earnings
Complete funding flexibility
Access to loans
Flexible distribution options
Retirement savings consolidation through rollovers
Cost-effective administration

Trust Agencies

Let our experience work for you!

Would you like to enjoy retirement without the hassle of finding time to pay your bills and manage your investments? Try an agency account with The Citizens 1st National Bank's Trust Department. Some of the benefits of a trust agency include...

You will receive a monthly statement of assets and activity
Enjoy peace of mind knowing that your bills are paid when away from home
Avoid tax hassles - Let us track your investments and prepare the work papers for you and your tax professional. Tax time will be a breeze.
Staff of professionals who work together to take care of your investments

We are one of northwest Iowa's Largest Trust Departments!

Julie Mooney

Vice President, Trust Officer

Julie is a graduate of Iowa State University with a BS in Industrial Administration. She is a Certified Financial Planner holding her FINRA Series 7 securities license. Julie has been with the bank since April, 1982 with all of her service in the trust department. When it comes to financial planning, her expertise is unparalleled!

She is currently serving on the Dollars for Scholars Board, has served as the Secretary for the St. Mary's Foundation, is an involved member of St. Mary's Catholic Church and is active with Storm Lake swimming programs & school activities.

Julie is married to Pat and has two children, Elizabeth & Mary Kate.

Matt Forristal

Trust Officer, Attorney

Matt had been practicing law in Holstein, Iowa for the past 20 years with an emphasis in estate planning, tax and probate. He graduated from Creighton University in Omaha, Nebraska (B.S.B.A. 1982; J.D. 1985).

Matt and his wife, Mary, reside in Holstein with their 3 children, John, Sarah and Emily. He is the past president of the Galva-Holstein School Foundation (9 years) and is currently serving on the Galva-Holstein School Scholarship Foundation. He is the president of the Ida County Bar Association and a Board member of the Iowa State Bar Association Tax Section.

Chad Halder

Trust Officer

Chad holds his FINRA Series 7 securities license and the designation of Certified Trust & Financial Advisor. He has attained a level of expertise which makes him a unique asset to Citizens 1st National Bank and to the communities we serve. He is a 2005 Buena Vista University graduate with degrees in Finance & Banking and Economics.

Some of his responsibilities include investment management, general financial planning, retirement plan and trust administration. In addition to his responsibilities within the bank, Chad is an officer of the Hy-Noon Kiwanis, Treasurer for the Storm Lake Community Chest, and is on the St. Mary’s Foundation Board.

Chad lives in Storm Lake with his wife Amy and has two daughters, Addison and Evelyn.

Lora Nielsen

Trust Operations Officer

Lora has been with Citizens 1^st National Bank since 1986 with experience in the bookkeeping and teller areas before starting in the trust department in 1988. As the Trust Operations Officer she is in charge of all operations in the department. She also handles some trust administration and has a vast knowledge of retirement plan issues.

In the Storm Lake public school system she is involved as a board member and treasurer with the Music Boosters.

Lora and her husband, Tracy, reside in Storm Lake with their two girls, Allyson and Sara.

In her spare time she loves to read books, cook, spend time with her family & friends and volunteer at church.