First National Bank Alaska

First National Bank Alaska is a US bank that provides escrow for the sale of businesses, shares and equipment, and for the performance of private contracts.

Escrow services

The bank lists business sale escrow, equipment sale escrow and milestone escrow. Money is released on the agreed conditions or on stages of the transaction, so a buyer can pay into a neutral account and a seller receives funds only when the milestone is met. This structure suits staged deals such as the purchase of equipment delivered in parts.

Requirements and cost

The bank requires an escrow agreement, a W-9 tax form and identification documents. A fee applies for opening the account and for annual maintenance, and the amount is provided on request.

Market

The provider operates in the United States and, as a bank, holds escrow money as a depository institution rather than as a standalone escrow agent. Settlement times, supported currencies other than money in general, and the minimum deal size are not stated and should be confirmed.

Who it suits

The offer fits US parties that prefer a bank as escrow holder, for example when a counterparty wants the funds kept at a regulated depository institution.