Our Philosophy
Committed to you

First American Bank is founded on a culture of service excellence, professionalism and honest communication.

Get To Know Us

Planning and preservation starts with our team

Planning and preservation requires assistance from a group of knowledgeable veterans who rely on proven strategies to manage trusts and implement estate plans geared toward your specific goals.

Dawn Griffin, JD, CPA, CTFA, Senior Vice President

Dawn Griffin, JD, CPA, CTFA
Senior Vice President
Fiduciary Services Manager
(847) 403-8109
DGriffin@firstambank.com

Dawn has been in the trusts and estates field since 2000. Prior to joining First American Bank in 2007, Dawn worked as an attorney concentrating in estate planning, business transactions and trust administration. She received her Bachelor of Arts degree cum laude from Northern Illinois University and her law degree from DePaul University College of Law. Dawn is also an Illinois Certified Public Accountant. In addition, Dawn has attained her Certified Trust and Financial Advisor designation. She is a board member of the Fox Valley Estate Planning Council as well as the Illinois CPA Society - Fox Valley Chapter. Dawn is a licensed attorney.

Beverly Hayes, Vice President

Beverly Hayes
Vice President
Trust Administrator
(847) 403-8113
BHayes@firstambank.com

Beverly has over 30 years of experience in the areas of estate, trust and guardianship administration. Before joining First American Bank in 2014, Beverly worked in the wealth management group of community banks both in Chicago and the north suburbs. She holds a bachelor’s degree from Taylor University and has attended the ABA National Graduate Trust School. Beverly is a member of the Northwest Suburban Estate Planning Council and a former member of the Chicago and Lake County Estate Planning Councils.

Michael-Anne Peck, JD, Vice President

Michael-Anne Peck, JD
Vice President
Trust Administrator
(847) 403-8114
MPeck@firstambank.com

Michael-Anne joined First American Bank in 2015 after working as an attorney in private practice focused on estate planning, trust and estate administration and family law. She received her Bachelor of Arts degree from Augustana College and her law degree from Valparaiso University School of Law. Michael-Anne is an active member of the DuPage County Bar Association. Michael-Anne is a licensed attorney.

Thomas Hogan, CTFA

Thomas Hogan, CTFA
Trust Administrator
(847) 403-8319
THogan@firstambank.com

Tom joined First American Bank in 2013. He received his Bachelor of Science degree from Northern Illinois University and is a graduate of Cannon Financial Institute’s Personal Trust School. In addition, he has earned the Certified Trust and Financial Advisor (CTFA) designation from the Institute of Certified Bankers. Tom is also a member of the Northwest Suburban Estate Planning Council.

Disclosures

Not FDIC Insured | Not Bank Guaranteed | May Lose Value | Not Guaranteed by Any Government Agency | Not a Bank Deposit

Frequently Asked Questions

The IRS requires 20% withholding on all qualified plan distributions eligible for rollover to an IRA or another qualified plan. You will report the distribution as ordinary income on your personal tax return. Depending on your personal tax bracket, you may be required to pay additional taxes on the distribution or you may be entitled to a refund. If the additional amount of tax due is substantial, you may be required to make estimated tax payments. You may also be required to pay state income taxes. You should consult your personal tax advisor before making decisions regarding your distribution.
In general, Required Minimum Distributions (RMDs) from your retirement accounts (including IRAs) need to begin by April 1 following the year in which you attain age 70½. Thereafter, the plan must issue RMDs annually on or before December 31. Note that two required distributions will be issued your first year (April 1 and December 31) if you wait until April 1 to begin your distributions. You may avoid two taxable distributions in the first year by taking your first withdrawal by December 31 of the year in which you attain age 70½.

However, if you are still working, you are not required to begin RMDs from your employer sponsored plan until April 1 of the year following the year in which you terminate employment. This exception does not apply if you own more than 5% of the employer, nor does it apply to IRAs.
The annual deferral may not exceed the lesser of:

a. $19,000 for 2019;

b. the maximum deferral amount allowed under the terms of the plan; or

c. the amount that allows the plan to meet the required nondiscrimination tests.

In addition, if you attain age 50 or older by December 31, you may defer an additional $6,000 catch up contribution.
If a plan accepts rollover distributions from other qualified plans, it may also allow for employees to make a rollover contribution before they meet the plan's minimum age and service eligibility requirements. These employees would be considered 'limited participants' in the plan.
Yes, the additional 10% tax applies, with limited exceptions. Exceptions include distributions that are made to a participant after termination of employment after attainment of age 55, distributions that are attributable to an employee being disabled, and distributions that are made to cover deductible medical expenses.

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