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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 year‑end balance of $4,994,039.19. For the full 2024 calendar year the escrow agent processed $390,560.11 in distributions. The bank reported seven treasury dockets totaling $65,104.66 and 45 normal dockets totaling $325,455.45. The agent issued more than 350 checks during the year; 259 of those checks were under $100.
On the outstanding check list the bank reported a total of $10,560.51 as of year end. The bank also identified a smaller "to be escheated" list for 2025 totaling $3,903.76; the bank cautioned that once the board directed escheatment of items older than one year the total to be escheated would increase because several outstanding checks and W‑9s are more than 12 months old.
Board counsel and staff discussed prior board practice and advised that items on the W‑9 list and uncashed check list older than one year should be escheated to the state. A motion to direct the escrow agent to escheat outstanding/unclaimed checks and W‑9 items older than one year passed on a roll call with all voting members recorded as "yes."
FirstBank also reviewed the composition of invested funds: roughly $2,994,000 in a money market account and about $2,000,000 in certificates of deposit that begin maturing in August 2025. The bank reported CD rate ranges from about 4.15% to 4.25% for short terms and up to about 4.0% to 4.15% for two‑year CDs.
The board accepted the report and the escrow agent will proceed to escheat the identified one‑year plus uncashed checks/W‑9 items and continue regular reconciliation and reporting to the board.
