by Mike Sharkey
Staff Writer
Banking isn’t banking, especially if you work for a trust bank and have been doing so the past 21 years.
As Senior Vice President of First Guaranty Bank’s Trust Department, Mary Biggs Knauer’s job is a little different from what most think is a typical banker — one that takes money in, doles it out and adds a little interest along the way.
“As a trust banker, I manage assets for individuals and foundations in a trust account,” said Knauer, who has been with the bank for about three-and-a-half years.
Unlike a typical bank account that anyone can open with cash or a cashier’s check, a trust account must be opened with the help of both a banker and an attorney. In addition to being opened in the name of an individual, trust accounts are also often opened in the name of an organization or foundation.
“It’s a mechanism for holding assets in safe keeping for the benefactors,” she explained, adding that trust accounts are often invested in the stock market, but in a safe, conservative manner with little risk. “Our decline in value is less than the market overall.”
According to Knauer, Standard & Poor reported that in 2008, stock values dropped about 38 percent across the board. Last year was bad for First Guaranty customers, as well, with the value of the accounts dropping 18 percent.
“It was bad,” she said, “but not as bad as it could have been. January was a tough month and we’ll be pleased if we stay even.”
Work aside, Knauer is a North Carolina native and big time Tar Heels fan being a 1977 graduate of the University of North Carolina at Chapel Hill. She moved to Jacksonville in 1984 when he husband, opthamologist Dr. Jerry Knauer, took a job here and has been in Jacksonville since.
“We moved here so he could practice with his father and grandfather,” she said.
The Knauers have busy jobs and busy lives outside of work. But, that doesn’t prevent them from traveling. About four times a year, the Knauers try to get away. They’ve been to Russia, Utah and Costa Rica, just to name a few places. However, her favorite place is Lucca, Italy.
Knauer also plays tennis, cooks and loves her two dogs.
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