Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
Escrow agent reports $4.61 million ending balance to Virginia Gas and Oil Board
Loading...
Summary
The board’s escrow agent, Perth Bacon Trust Company/First Bank and Trust, reported a $4,611,361.32 ending balance for the fourth quarter and outlined account activity, outstanding checks and upcoming CD maturities.
Perth Bacon Trust Company, the board’s escrow agent, told the Virginia Gas and Oil Board on Jan. 20 that the combined escrow accounts ended the fourth quarter with $4,611,361.32.
Mandy, the escrow representative, said the accounts began the quarter with $4,554,305.41, received $44,294.78 in deposits, and earned $17,376.61 in interest (money market and CD interest). Fees deducted during the quarter totaled $4,583.35 and distributions were $32.13, leaving the ending balance reported to the board.
Mandy said the escrow agent processed five treasury dockets totaling $120,238.96 for the year and issued more than 400 checks, most (over 200) under $100. The escrow agent also listed outstanding checks totaling $7,444.76 and identified roughly $2,000,000 in money‑market holdings and about $2,500,000 in brokered certificates of deposit, with some CDs maturing in April, July and October 2026.
Board members asked whether maturing CD funds would be reinvested or moved; the escrow agent said maturing amounts would sit in the money market until the board’s April meeting, when the board could direct reinvestment.
The board thanked the escrow agent for the report and for ongoing account administration.
