Accruit, LLC, the nation’s leading provider of qualified intermediary and 1031 like-kind exchange program solutions, today announced a definitive agreement to acquire all of the assets of Bankers Escrow Corporation, one of the largest full service escrow companies in Colorado. The parties anticipate a closing on June 30, 2016. Going forward, services will be provided under Accruit-owned Bankers Escrow, LLC.
Since 1991, Bankers Escrow Corporation has been an escrow agent for tax and insurance reserves, installment land contract and wrap-around mortgage servicing, lease to purchase arrangements, software code escrows, and document and cash holding escrows. Additional escrow services offered are construction draw escrows, business and assumption closing services, and private placements. All the current escrow officers will be transferring to the newly-formed Bankers Escrow, LLC, where they will continue to provide all the current escrow services, ensuring consistency of service and processing.
Like Accruit, Bankers Escrow Corporation provides qualified intermediary and exchange accommodation titleholder services for 1031 like-kind exchange clients, therefore the acquisition furthers Accruit’s presence in the 1031 real estate market. “We’re delighted to expand Accruit’s offerings to include escrow services and to continue to grow the business that Mary Lou has built both in the escrow and real estate 1031 arenas. Banker’s Escrow is a strong brand whose customer-oriented focus aligns well with Accruit’s own,” said Accruit CEO, Brent Abrahm.
As of July 1, Bankers Escrow Corporation vice president, Mary Lou Schwab, will join Accruit in a consulting role, bringing 30 years of real estate tax accounting, tax deferred exchange, and escrow experience. Ms. Schwab is also a Certified Exchange Specialist® through the Federation of Exchange Accommodators, a licensed CPA, and an educator in real estate taxation and 1031 exchange continuing education classes for Colorado realtors. Ms. Schwab stated, “With this acquisition, Bankers Escrow will continue to serve new and longstanding customers with integrity and professionalism. The additional technology and resources Accruit provides will propel Bankers Escrow to a new level of service and security.”