Genesis Bank in Newport Beach, Calif., has created a division to handle 1031 exchanges.
The $95.1 million-asset company said in a press release that it had launched Genesis Bank Exchange to facilitate Section 1031 exchanges of investment and business real estate.
The division will hold client funds in segregated trust accounts and handle administrative, legal and tax-related compliance obligations for clients.
“We have developed deep relationships … with a broad range of real estate investors, owners and operators, as well as attorneys and commercial real estate brokers,” Stephen Gordon, the bank’s chairman and CEO, said in the release.
“Such vast experience within our veteran team has enabled us to successfully grow and scale our commercial real estate business since our initial launch and we are now pleased to add Section 1031 exchange capabilities,” Gordon added.
The announcement comes just weeks after the bank announced plans for an escrow division.