Who is First Mountain Bancorp (FMB) ?
- FMB is a trustee providing Irrevocable Trust Receipts (ITRs) against trust assets that have been assigned to FMB.
- FMB was incorporated in Nevada in May of 2003.
- FMB’s staff has lengthy banking experience with a number of financial institutions.
- FMB’s role as an independent Trustee is to administer the assets owned by others, select the depository bank, act as the escrow agent, issue ITR against the trust and to monitor the value of the assets in the trust to maintain the asset value equal to the outstanding ITRs.
- FMB does not acquire a financial or ownership interest in the assets on deposit in the federally insured financial institution. There is not and should not be any issue of FMB’s credit rating because FMB neither owns nor can own the assets in the trust or represented by the ITR and
- FMB does not provide credit.
- FMB is only an agent, never a principal.