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Escrow agent reports nearly $5.0 million year-end balance; board agrees to escheat year‑old uncashed checks
Summary
FirstBank & Trust reported a year-end escrow balance just under $5 million and recommended moving checks and W‑9s older than one year to the state; the Virginia Gas and Oil Board approved the escheatment.
FirstBank & Trust, the escrow agent for the Virginia Gas and Oil Board, reported the board's fourth-quarter and year‑end 2024 accounting and the board voted to escheat uncashed checks and W‑9 items older than one year.
The bank's representative told the board the account opened the quarter with $5,006,667.59; during the quarter the escrow agent received $45,289.67 in deposits and earned $18,951.52 in interest. Fees of $4,980.75 were charged and distributions for the quarter totaled $71,897.84, leaving a…
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