James P. Cronin
President & CEO
Dime Bank

Continuing A Heritage Of Trust

For 139 years Dime Bank has served our customers by providing an array of financial services that meet the needs of their changing lives. Many people in the community have approached us about the establishment of a trust department and expressed the need for local trust services. It became clear that our customers, and the community as a whole, would benefit from fiduciary services. We are pleased to introduce to you Dime Trust Services and our team who are highly regarded and trusted professionals in the investment and trust industry. Dime Trust Services is designed to serve a variety of customized estate planning solutions. Let us know how we can be of service to you.

Our Commitment to You

Our philosophy is clear, and our commitment is unwavering. We will strive to provide uncompromising standards of excellence in meeting our responsibilities to you, our valued client. In so doing, we hope to earn the trust you have placed in us by working carefully with you and your advisors to build a lasting relationship that serves you and your family for generations to come.

Thomas N. McAvoy, Jr. -CTFA, Mildred E. Devine –CTFA
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Dime Bank Trust Services

Meet our Senior Staff:

Thomas N. McAvoy, Jr.– CTFA
Senior Vice President
Senior Investment and Trust Officer
Tom joined Dime Bank in 1995 and has over 25 years of banking and investment experience. He is a Certified Trust and Financial Advisor.

Mildred E. Devine – CTFA, AEP
Trust Officer
Millie worked for the Trust and Investment Group of Hartford National Bank, retiring after 32 years as Vice President and Regional Manager of Fleet Bank’s Eastern Trust and Wealth Management Department. Millie established Devine Planning, specializing in planned giving, estate planning and grants advising. Today, she is a Certified Trust and Financial Advisor and an Accredited Estate Planner with Dime Bank.

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Dime Bank Trust Services

Trust Services will include personal trust and related wealth management services:

• Agency/Custody Accounts
• Charitable Trusts
• Directed Trusts
• Endowment Funds
• Estate Administration
• Guardianships/Conservatorships
• Life Insurance Trusts
• Living Trusts/Grantor Trusts
• Nominee Real Estate Trust
• Special Needs Trusts
• Structured Settlement Trusts
• Testamentary Trusts

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Types of Trusts and Other Services

Agency/Custody Accounts

An account established primarily for the convenience of the account holder. The main duties of the custodian (agent) are to keep safe and preserve the property and to perform ministerial acts with respect to the property as directed by the principal. The agent has no investment or managerial responsibilities. To be distinguished from managing agency account and directed trust accounts.

Charitable Trusts

Trusts established to benefit qualified charities.

Directed Trusts

A trust under which the grant or beneficiary has the power to direct that the trust’s investments be managed by someone other than the trustee. This is often a convenient way to retain the services of a long-time family investment advisor without losing the security and benefits of a corporate trustee.

Endowment Funds

Providing administrative oversight services for the care and management of endowment funds or public and private institutions.

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Estate Administration

The process of settling the estate of a deceased person. Specifically, oversee the collection of assets; pay debts, administration expenses and taxes; distribute the decedent’s property in accordance with the testator’s wishes or, if no will, in accordance with that state’s intestacy laws; and file a final accounting of the estate’s activity with the probate court for approval.

Guardianships/Conservatorships

A Court appointed fiduciary relationship to care for the property of a minor or incapable/incompetent person.

Life Insurance Trusts

A trust funded partly or wholly by life insurance policy contracts.

Living Trust/Grantor Trusts

Funded living trusts are commonly used to avoid the costs and delays of probate because the property transferred into the trust during lifetime remains under the control of the trustee after death, without court involvement. Living trusts are also called inter vivos trusts.

For purposes of the income taxation of trusts and estates, a trust in which the grantor or a third party, because of certain rights to income or principal or certain power over the disposition of income and principal, is treated as the owner of the trust and taxed on the income thereof. Consequently, a grantor trust is not treated as a separate entity for income tax purposes unless the trust is irrevocable.

Living/Grantor Trusts may be: revocable (can be revoked, amended or changed in the sole discretion of the person creating the trust) or irrevocable (cannot be revoked, amended or changed, except under restricted circumstances).

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Nominee Real Estate Trust

A common estate and gift planning vehicle that provides ease of transferability of ownership that is particularly helpful when gifting valuable property over an extended period of time. Rather than re-record the deed each time a partial interest is transferred from one owner to another, it can be done through an attached Schedule of Beneficial Interests. Also provides anonymity of ownership, thus alleviating some privacy concerns.

Special Needs Trusts

Usually established to provide for the specific needs of a disabled loved one – often for the purpose of preserving government benefits.

Structured Settlement Trusts

A type of trust that is usually funded with a lump sum received as the result of a successful legal liability action or other form of structured settlement. The terms of the settlement agreements vary, but typically include clauses that restrict the use of funds and/or pay them out over a specific period of time.

Testamentary Trusts

A trust created by a will, effective only upon the death of the person creating the will. Testamentary trusts are subject to the jurisdiction of local probate and family courts, making the terms, inventory and accountings of such trusts open to public inspection.

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