Citizens & Northern Bank Offers Like-Kind Exchange Services

Citizens & Northern Bank is a proud partner with Bankers Settlement Services of Southwest PA, a Hollidaysburg, PA title insurance agency which has expanded its services to include the facilitation of Section 1031 Like-Kind Exchanges through Investors Title Exchange Corporation (ITEC).

ITEC* is a leading Qualified Intermediary, assisting property owners who wish to effect a 1031 Exchange. When an exchange is properly structured, the taxpayer defers capital gains taxes on the exchange of qualifying property. As Qualified Intermediary, ITEC coordinates the transaction with the closing agents, which includes drafting standard exchange documents, holding the funds between the sale of the old property and the purchase of the new property, and accepting the formal identification of the replacement property within the 45-day identification period.

Please see the enclosed brochure, Basic Guidelines for a Like-Kind Exchange, for more information about 1031 Exchanges. You may complete the enclosed Like-Kind Exchange Order Form or direct your questions to:

  • Rick Flegal, Senior Vice President, Agency Manager
    Bankers Settlement Services of Southwest PA
    Phone: 814-696-9800 / 888-632-0011
    Fax: 814-696-9802 / 877-721-0011

* ITEC does not provide tax or legal advice or file client tax returns with the IRS. All taxpayers must be represented by counsel. ITEC is a member of the National Federation of Exchange Accommodators.