FOR IMMEDIATE RELEASE
1031 CORP. ACQUIRED FROM FIRST AMERICAN TITLE
Original Leadership Returns to Manage Exchanges
ROYERSFORD, PA, May 20, 2010 – 1031 CORP. announced today that it is open for business under the leadership of Margo McDonnell, President, and Susan Umstead, Senior Vice President, and will immediately begin offering qualified intermediary services. 1031 CORP. specializes in the facilitation of 1031 exchanges, a tax strategy allowed under section 1031 of the Internal Revenue Code that allows the deferral of gain on the sale and subsequent purchase of assets held for business use or investment.
“During my tenure at 1031 CORP. prior to it being acquired by First American Title Insurance Company, I became very passionate about the business and our customers”, said Margo McDonnell, President. While at First American, I continued to see the opportunity that I had had with 1031 CORP. to have a hands on approach to my customers and being actively involved in their exchanges. When the opportunity to acquire 1031 CORP., was presented to me recently, I grabbed it, without hesitation.” Continued McDonnell.
“Our customers can expect the same exceptional service that made 1031 CORP. successful in the first place - with enhanced safeguards to protect their funds,” Said Susan Umstead, Senior Vice President . “We are thrilled to now offer our customers on-line access to view their account balances, printed statements, notices of deposits and withdrawals directly from the financial institution.”
1031 CORP. was acquired from T.A. Holdings, Inc. by First American Title Insurance Company in 2004 and in 2009 was folded into First American Exchange Company (FAEC). McDonnell’s previous tenure with 1031 CORP. included two years as managing officer and 12 years as president and chief operating officer. She most recently served as Senior Vice President and National Marketing Manager for FAEC. Umstead joined 1031 CORP. in 1996 and most recently served as Senior Vice President before being named Vice President and Branch Manager of the Pennsylvania branch of FAEC. The exchange team will be rounded off by Marissa LoCascio, paralegal and Senior Exchange Officer.
“I am happy to bring the exchange process back to the local level where our team of Certified Exchange Specialists® can prepare the documents and employ the procedures to which our customers have grown accustomed,” added Umstead.
This transition will enable 1031 CORP. to provide clients with more choices as to how and where their exchange funds are invested and enable our exchange team to have a more active role in the exchange transaction again.
1031 CORP. will remain in the Royersford, Pennsylvania office and all telephone numbers will remain the same but the email addresses for each team member will revert to their former 1031CORP.com addresses. Margo McDonnell can be contacted at Margo McDonnell; Susan Umstead at Sue's email and Marissa LoCascio at Marissa's email. The 1031help@1031CORP.com address will again be utilized for all general inquiries.
About 1031 CORP.
Serving as a nationwide qualified intermediary for 1031 tax-deferred exchanges since 1991, 1031 CORP. strives to provide a superior exchange experience for its customers and their advisors. It provides its customers with enhanced security of funds, knowledgeable exchange professionals and commitment to keep the exchange process simple for our customers and their advisors. Every member of the exchange team is a Certified Exchange Specialist® and has the experience and expertise to facilitate even the most complex exchange transaction, including reverse, improvement and personal property exchanges. Additional information can be found at www.1031CORP.com.