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IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
ORPHANS' COURT DIVISION
OLD STYLE DOCKETING NO, S-236, WILL BOOK 34, PAGE 388
IN RE: TRUST UNDER THE l.AST WIl.L AND TESTAMENT OF J. HOWARD
SWARTZ, DECEASED, LATE OF MECHANICSBURG, CUMBERLAND COUNTY,
PENNSYLVANIA
PETITION FOR APPOINTMENT OF GUARDIAN AND TRUSTEE AD LITEM IN
ACCORDANCE WITH 20 Pa. C.SA I 751 (5)
TO THE HONOHABLE, THE JUDGES OF THE SAID COURT:
The Petition of PNC Bank, National Association, successor by merger
to The First Bank and Trust Company, by its counsel, Charles E. Shields III,
respectfully represents that:
1, J, Howard Swartz made his Last Will and Testament on August 1,
1927. He passed away on April 10, 1928 and this will was duly probated
In the office of the Register of Wills In and for Cumberland County,
Pennsylvania on February 13, 1929,
2. The will of J, Howard Swartz Is recorded in Will Book No. 34, page
388 In the Register of Wills Office aforesaid. The original handwritten or
holographic will which is not the same in all details as the typed
facsimile, is recorded In a Will Drawer under No. 1169 In the Register's
Office aforesaid,
3. Pursuant to said will, a trusl was established for, Inter alia, two
(2) life tena'lts, and said Petitioner, through various accountings,
releases, and court approvals has become the trustee of said trust as Is
more fully detailed In the PETITION FOR COURT PERMISSION AND
APPROVAL TO DIVERSIFY INVESTMENTS which Is attached hereto and
Incorporated herein and whic'l will be formally filed with your Honorable
Court upon the prayed for appointment of a ~luardian and trustee ad litem.
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IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
ORPHANS' COURT DIVISION
OLD STYLE DOCKETING NO, S-236, WILL BOOK 34, PAGE 388
IN RE: TRUST UNDER THE LAST WILL AND TESTAMENT OF J. HOWARD
SWARTZ, DECEASED, U\ TE OF MECHANICSBURG, CUMBERLAND COUNTY,
PENNSYLVANIA
PETITION FOR COURT PERMISSION AND APPROVAL TO DIVERSIFY
INVESTMENTS
The Petition of PNC Bank, National Association, successor by merger
to The First Bank and Trust Company, by its counsel, Charles E. Shields III,
respectfully represents that:
1. J. Howard Swartz made his Last Will and Testament on August 1,
1927, He passed away on April 10, 1928 and this will was duly probated
in the office of the Register of Wills in and for Cumberland County,
Pennsylvania on February 13, 1929,
2. The will of J. Howard Swartz is recorded in Will Book No. 34, page
388 in the Register of Wills Office aforesaid. The original handwritten or
holographic will which is not the same in all details as the typed
facsimile, Is recorded in a Will Drawer under No. 1169 in the Register's
Oitice aforesaid.
3. J, Howard Swartz named In his Will as his executrices: Sue M.
Swartz, Hattie J, Happle and S, Edith Swartz,
4. The said Sue M. Swartz, Hattie J. Happle, and S. Edith Swartz
acted as co-executrices and trustees under the will of J, Howard Swartz.
As such, they acted also as trustees for a trust oreated under the will of
J. Howard Swartz for the benefit of the then single women, Blanche Forney
(now Rogers) and Edith Forney (now Cameron), the then and current life
tenants of the said trust.
5. The following bequest in the Will of J. Howard Swartz led to the
creation and administration of a trust to maintain a life estate interest In
Income for the said life tenants herein:
The dividends on (10) ten shares of 2nd National
Bank Stock will be given to Edith and Blan<lhe
Forney, share and share alike
To Edith Forney and her sister Blanch Forney. In
addition to the (10) ten shares of 2nd National Bank
Stock, each will be given the income during their
natural life from (.thls additional stock, which
with the ten shares mentioned in the beginning of
this will)
(5) Five shares each of 2nd National Bank Stock
(10) Ten shares of 1 st Bank and Trust Co.
(10) Ten shares of Mechanicsburg Trust Co,
After my estate is settled, & there should be a
balance. divide the balance between Edith Forney
and her sister Blanch, This share in my estate Is to
given them under the same conditions. I give them
. the Bank Stock, To be put in trust during their life.
only the income to be theirs,
('errors in spelling and grammar in original)
6. One of the co-executrices, S. Edith Swartz, passed away on April
3, 1939.
7. The then surviving co-executrices and trustees, Sue M. Swartz
and Hattie J. Happle, on May 17, 1939, prepared a ElB.S..~
and, pursuant to a list of J. Howard Swartz's heirs prepared at the time,
notified interested persons that an AQ..QOUN.I would be filed with the
Register of Wills and that said ACCOWil would come before the Orphans'
Court for confirmation. Confirmation of the ACCOUlil. was subsequently
made by the Orphans' Court.
8. On June 20, 1939, the aforesaid surviving co-executrices and
trustees, presented a petition (No, 1329) In the Orphans' Court addressed
to the Honorable Fred S. Reese, the then President and sole Judge of the
Orphans' Court, wherein they explained the administration of the trusts
within the will of J. Howard Swartz had been handled by the then deceased
I
" .,,_....f,...""..............
S. Edith Swartz, The surviving co-executrices Informed the Orphans'
Court that they did not feel capable of carrying out the duties of trustee,
9. Accordingly, the surviving co.executrices prayed the Orphans'
Court to discharge them from the duties of co-executrices and trustees
under the will of J. Howard Swartz and to appoint The First Bank and Trust
Company as trustee in their place and stead,
10. The Orphans' Court, through President Judge Reese, granted
their prayer and approved a bond posted by the new trustee on June 20,
1939.
11, From June 21, 1939, through the present, The First Bank and
Trust Company, now PNC Bank, National Association, successor by merger,
has managed the aforesaid trust.
12. The aforementioned shares of 2nd National Bank Stock are no
longer held in the said Trust but were not deliberately and willfully
"cashed in" on the merger of the said bank with the Commonwealth
National Bank, rather there was a lottery amongst the shareholders which
necessitated the "cash in," The funds so received have been invested and
re-Invested from time to time in various government bonds, money market
funds and the like,
13, The shares of the Mechanicsburg Trust Company became, by
exchange pursuant to merger, shares in The First Bank and Trust Company
on April 18, 1957,
14. In 1939, when the said Trust was turned over to The First Bank
and Trust Company. the tax cost basis of the said Bank's stock was
approximately $3,150,00 for the then transferred 168 shares of the First
Bank and Trust Company,
15. On March 1, 1988, pursuant to the terms of a merger agreement,
the shares of the First Bank and Trust Company were exchanged In a ratio
of 1,9 shares of the First Bank and Trust Company to 1 share of PNC
Financial Corporation, the holding company which owns PNC Bank,
16. The trustee herein believes the said shares of PNC Financial
Corporation to be the "substantial equivalent" of the First Bank and Trust
Company shares whloh were first put In trust for the said life tenants
with the remainder or reversion to go to the heirs of J. Howard Swartz.
17, As such "substantial equivalent" of the original shares whloh
were to be held In trust and the dividends to be paid during their lives to
the said life tenants, the current shares should not be sold without court
permission and approval.
18. The current approximate holdings of the said trust are:
75% PNC Fin Corp $191,500.00 yielding: 4.4%
16% Govt Bd Fund 39,500.00 6.1%
8% Money Mkt Fund 21,600,00 2,8%
19. The trustee herein believes It would be prudent under ourrent
Investment philosophies and economic realities to sell a reasonable
portion of the said PNC Financial Corporation holdings In order to obtain a
better return and to diversify the holdings so as to better protect the
potential capital appreciation of the corpus of the said trust, thus
benefitting both the life tenants and the remaindermen or reversioners.
20. It will be the trustee's objective to structure the account so as
to eventually hold 60-70% in equities, e,g., common and preferred stocks,
and 30-40% in fixed Income Investments. The trustee proposes to sell
500 shares of PNC Financial Corporation per year for the next ten (10)
years. Such proposed sale will have the fOllOWing tax Impact this year:
oost basis per share $00.50
market val. per share 29,00
, ,
$14,500 sales prooeeds
- 3QU less tax basis
14,200 capital gains
x .2a tax rate
3,976 income tax
The net sales prooeeds will amount to $10,524,00, whloh the trustee.
will Invest in a managed fixed Inoome oommon Investments fund cllrrently
yielding 6.7%. In future years sales prooeeds will be Invested In equity
funds for growth and dlversifloatlon In keeping with the Investment
objeotlves. of the aooount.
21. The trustee proposes to carryon the phased Investment
diversification program In the same manner until the proposed
diversification objective Is met. Trustee does not Intend to attempt
market timing but rather will engage In purchases on a regular basis.
22. The trustee herein has served copies of this petition upon:
Blanche Forney Rogers, life tenant
Edith Forney Cameron, life tenant
Eugene A, Burnet, remainderman
Dawn S, Sunday, Esq., Guardian and trustee ad litem for
unnamed remaindermen and heirs
23. The trust herein has been the subject of litigation In the past
concerning the purported rights of the life tenants, to wit: the said life
tenants Instituted a Declaratory Judgment Action against The First Bank
and Trust Company, as Trustee for J, Howard Swartz Estate, docketed In
the Prothonotary's Office to No. 2148 Civil 1985,
24. After the trustee herein, through Its counsel, raised a number of
preliminary objections and made a motion to transfer the action to the
Orphans' Court, the action was withdrawn by the life tenants.
25, Amongst the aforesaid preliminary objections was one that not
all Indispensable parties had been joined, to wit: all the currently living
potential heirs of J. Howard Swartz.
26. Trustee herein believes that the interests of the now
potentially numerous currently living potential heirs of J. Howard Swartz
can be adequately protected by the appearance of Eugene A, Burnet and the
appointment of a guardian and trustee ad litem for whose appointment a
separate petition is being filed herewith.
27, Your honorable court has the power to permit and approve the
requested diversification in the proposed phased manner pursuant to
Probate, Estates and Fiduciary Code, Title 20, sections 3353 and 7319(b).
WHEREFORE, Trustee respectfully prays that this Honorable Court
will enter an order that:
A. Permits the trustee to make a phased sale of PNC Financial
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COMMONWEALTH OF PENNSYLVANIA
COURTHOUSE
1 COURTHOUSE SQU^RE
CARUSeE, PA,
17013,3387
HAROLD E, SHEELY
PRESIDENT JUDOE
l717124o.6290
August 12, 1994
!,
Dawn S; Sunday, Esquire
39 West Main Street
Meehaniesburg, Pa. 17055
REI Trust under the Last Will and Testament of J. Howard Swartz
Dear Dawn:
I believe there is no need at this time to eonduetany
further search for. possible remaindermen and additional heirs
under the Trust of J. Howard Swartz. The issue of
diversification can be adequately addressed without this further
search being.eondueted.
veF/ truly yo~s, ",
(1ct<-<~ll-= ._11-(//\
Harold E. Sheely, P.J. ;~
cel Charles E. Shields, Ill, Esquire
. HES/sld
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,
,
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WILLIAM L. SUNDAY
DAWN S. SUNDAY
AHornoy, . ot . Low
39 Well Main Streel
Mechonlc.burg, PA 17055
> ~..\
\~ '\l
"y
July 7, 1994
Phone 17171 766.9622
Phone 17171 766.9698
Pax 17171 795.7280
The Honorable Harold E. Sheely
President Judge
Orphans' Court of Cumberland County
Cumberland County Court House
Carlisle, PA
RE: Trust under the Last Will and Testament of J. Howard Swartz,
Old Style Docketing # S-236, Will Book 34, Page 388
Dear Judge Sheely:
By Order dated May 12, 1994, I was appointed by Your Honor as Guardian
and Trustee Ad Litem for the unnamed remaindermen and heirs in the above
matter with authority to represent them on the Petition For Court Approval
To Diversify Investments filed on behalf of PNC Bank, Trustee. According
to PNC Bank's Petition, both of the life tenants of the Trust (Blanche
Forney Rogers and Edith Forney Cameron) and Eugene A. Burnett, an
identified remainderman and heir of the decedent will be represented upon
the record on the Petition and will be in favor of the proposed
diversification. I am attaching a true and correct copy of PNC Bank's
Petition for your convenient reference.
I have reviewed the files of Charles E. Shields, III, Esquire, Counsel
for PNC Bank, Trustee, and have s(Xlken with Mr. Shields concerning past
efforts to locate additional heirs of J. Howard Swartz. It is my
understanding that any further investigation would result in significant
expense to the Trust. While such an investigation will be necessary at the
expiration of the Life Estates, the Trustee has sought to avoid this
expense at the present time by appointment of a Guardian and Trustee Ad
Litem on the unnamed heir's behalf.
Before joining or opposing' the Petition For Diversification as
Guardian, I am writing to request the Court's guidance as to whether I have
any obligation to attempt to locate additional potential remaindermen and
heirs under the Trust of J. Howard Swartz. Thank you very much for your
consideration of this matter.
Sincerely,
Occ<v~ JJll,doc/
Dawn S. Sunday (j
DSS!cg
cc: Charles E. Shields, III, Esquire, Counsel for PNC Bank
cc: Jeffrey Apfelbaum, Esquire, Counsel for Blanche Forney Rogers and
Edith Forney Cameron
cc: Eugene Burnett
~
.'
IN THE COURT OF COMMON PLEAS OF CUMBERlAND COUNTY
ORPHANS' COURT DIVISION
OLD STYLE DOCKETING NO. S-236, WILL BOOK 34, PAGE 308
IN RE: TRUST UNDER THE LAST WILL AND TESTAMENT OF J. HOWARD
SWARTZ, DECEASED, LATE OF MECHANICSBURG, CUMBERLAND COUNTY,
PENNSYLVANIA
PETITION FOR COURT PERMISSION AND APPROVAL TO DIVERSIFY
INVESTMr::NTS
The Petition of PNC Bank, National Association, successor by merger
to The First Bank and Trust Company, by its counsel, Charles E. Shields III,
respectfully represents that:
1. J. Howard Swartz made his Last Will and Testament on August 1,
1927. He passed away on April 10, 1928 and this will was duly probated
in the office of the Register of Wills in and for Cumberland County,
Pennsylvania on February 13, 1929,
2. The will of J, Howard Swartz is recorded in Will Book No. 34, page
388 in the Register of Wills Office aforesaid, The original handwritten or
holographic will which is not the same in all details as the typed
facsimile, is recorded in a Will Drawer under No. 1169 in the Register's
Office aforesaid.
3. J. Howard Swartz named in his Will as his executrices: Sue M.
Swartz, Hattie J. Happle and S, Edith Swartz,
4, The said Sue M, Swartz, Hattie J. Happle, and S. Edith Swartz
acted as co-executrices and trustees under the will of J, Howard Swartz,
As such, they acted also as trustees for a trust created under the will of
J. Howard Swartz for the benefit of the then single women, Blanche Forney
(now Rogers) and Edith Forney (now Cameron), the then and current life
tenants of the said trust.
5. The fOllowing bequest in the Will of J, Howard Swartz led to the
oreatlon and administration of a trust to maintain a life estate Interest In
Inoome for the said life tenants herein:
The dividends on (10) ten shares of 2nd National
Bank Stock will be given to Edith and Blanohe
Forney, share and share alike
'011
To Edith Forney and her siste: Blanch Forney. In
addition to the (10) ten shares of 2nd National Bank
Stock, each will be given the income during their
natural life from (,tl1is additional stock, which
with the ten shares mentioned in the beginning of
this will)
(5) Five shares each of 2nd National Bank Stock
(10) Ten shares of 1st Bank and Trust Co,
(10) Ten shares of Mechanicsburg Trust Co.
After my estate Is sellled, & there should be a
balanoe, divide the balance between Edith Forney
and her sister Blanch. This share in my estate is to
given them under the same conditions. I give them
the Bank Stock. To be put in trust during their life.
only the income to be theirs,
("errors in spelling and grammar in original)
6. One of the co-executrices, S. Edith Swartz, passed away on April
3, 1939,
7. The then surviving co-executrices and trustees, Sue M. Swartz
and Hallie J, Happle, on May 17, 1939, prepared a.E.LBS.I.....AN
and, pursuant to a list of J. Howard Swartz's heirs prepared at the time,
notified Interested persons that an ACCOUtil would be filed with the
Register of Wills and that said AQ.C..Q..U..tf[ would come before the Orphans'
Court for confirmation. Confirmation of the ACCOlJtil was subsequently
made by the Orphans' Court.
8. On June 20, 1939, the aforesaid surviving co-executrices and
trustees, presented a petition (No. 1329) in the Orphans' Court addressed
to the Honorable Fred S. Reese, the then President and sole Judge of the
Orphans' Court, wherein they explained the administration of the trusts
within the will of J. Howard Swartz had been handled by the then deceased
S. Edith Swartz. The surviving co-executrices Informed the Orphans'
Court that they did not feel capable of carrying out the duties of trustee.
9. Accordingly, the surviving co-executrices prayed the Orphans'
Court to discharge them from the duties of co-executrices and trustees
under the will of J, Howard Swartz and to appoint The First Bank and Trust
Company as trustee In their place and stead.
10. The Orphans' Court, through President Judge Reese, granted
their prayer and approved a bond posted by the new trustee on June 20,
1939.
11, From June 21, 1939, through the present, The First Bank and
Trust Company, now PNC Bank, National Association, successor by merger,
has managed the aforesaid trust,
12. The aforementioned shares of 2nd National Bank Stock are no
longer held in the said Trust but were not deliberately and willfully
"cashed In" on the merger of the said bank with the Commonwealth
National Bank, rather there was a lottery amongst the shareholders which
necessitated the "cash in," The funds so received have been invested and
re-Invested from time to time in various government bonds, money market
funds and the like,
13. The shares of the Mechanlcsburg Trust Company became, by
exchange pursuant to merger, shares in The First Bank and Trust Company
on April 18, 1957,
14. In 1939, when the said Trust was turned over to The First Bank
and Trust Company, the tax cost basis of the said Bank's stock was
approximately $3,150.00 for the then transferred 168 shares of the First
Bank and Trust Company,
15. On March 1, 1988, pursuant to the terms of a merger agreement,
the shares of the First Bank and Trust Company were exchanged In a ratio
of 1.9 shares of the First Bank and Trust Company to 1 share of PNC
Financial Corporation, the holding company which owns PNC Bank.
16. The trustee herein believes the said shares of PNC Financial
Corporation to be the "substantial equivalent" of the First Bank and Trust
Company shares which were first put In trust for the said life tenants
with the remainder or reversion to go to the heirs of J. Howard Swartz.
17. As such "substantial equivalent" of the original shares which
were to be held in trust and the dividends to be paid during their lives to
the said life tenants, the current shares should not be sold without court
permission and approval.
18, The current approximate holdings of the said trust are:
75% PNC Fin Corp $191,500,00 yielding: 4.4%
16% Govt Bd Fund 39,500,00 6,1%
8% Money Mkt Fund 21,600,00 2.8%
19. The trustee herein believes it would be prudent under current
Investment philosophies and economic realities to sell a reasonable
portion of the said PNC Financial Corporation holdings in order to obtain a
better return and to diversify the holdings so as to better protect the
potential capital appreciation of the corpus of the said trust, thus
benefitting both the life tenants and the remaindermen or reversioners,
20. It will be the trustee's objective to structure the account so as
to eventually hold 60-70% in equities, e.g" common and preferred stocks,
and 30.40% in fixed income investments, The trustee proposes to sell
500 shares of PNC Financial Corporation per year for the next ten (10)
years. Such proposed sale will have the following tax Impact this year:
cost basis per share $00,50
market val. per share 29.00
$14,500 salas proceeds
. 300 less tax basis
14,200 capital gains
x .28 tax rate
3,976 income tax
The net sales proceeds will amount to $10,524,00, which the trustee
will Invest in a managed fixed income common investments fund currently
yielding 6,7%, In future years sales proceeds will be invested in equity
funds for growth and diversification in keeping with the investment
objectives of the account.
21. The trustee proposes to carryon the phased investment
diversification program In the same manner until the proposed
diversification objective is met. Trustee does not intend to attempt
market timing but rather will engage in purchases on a regular basis,
22, The trustee herein has served copies of this petition upon:
Blanche Forney Rogers, life tenant
Edith Forney Cameron, life tenant
Eugene A. Burnet, remainderman
Dawn S, Sunday, Esq" Guardian and trustee ad litem for
unnamed remaindermen and heirs
23. The trust herein has been the subject of litigation In the past
concerning the purported rights of the life tenants, to wit: the said life
tenants Instituted a Declaratory Judgment Action against The First Bank
and Trust Company, as Trustee for J. Howard Swartz Estate, docketed In
the Prothonotary's Office to No. 2148 Civil 1985.
24. After the trustee herein, through its counsel, raised a number of
preliminary objections and made a motion to transfer the action to the
Orphans' Court, the action was withdrawn by the life tenants,
25. Amongst the aforesaid preliminary objections was one that not
all indispensable parties had been joined, to wit: all the currently living
potential heirs of J. Howard Swartz.
26, Trustee herein believes that the interests of the now
potentially numerous currently living potential heirs of J. Howard Swartz
can be adequately protected by the appearance of Eugene A. Burnet and the
appointment of a guardian and trustee ad litem for whose appointment a
separate petition is being filed herewith,
27, Your honorable court has the power to permit and approve the
requested diversification In the proposed phased manner pursuant to
Probate, Estates and Fiduciary Code, Title 20, sections 3353 and 7319(b).
WHEREFORE, Trustee respectfully prays that this Honorable Court
will enter an order that:
A. Permits the trustee to make a phased sale of PNC Financial
....--- ~
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
ORPHANS' COURT DIVISION
OLD STYLE DOCKETING NO. S-236, WILL BOOK 34, PAGE 388
IN RE: TRUST UNDER THE LAST WILL AND TEST.AMENT OF J, HOWARD
SWARTZ, DECEASED, LATE OF MECHANICSBURG, CUMBERLAND COUNTY,
PENNSYLVANIA
CONSENT, AGREEMENT AND JOINDER TO PETITION FOR COURT
PERMISSION AND APPROVAL TO DIVERSIFY INVESTMENT,
WHEREAS, I have been served with copies of the PETITION FOR COURT
PERMISSION AND APPROVAL TO DIVERSIFY INVESTMENTS; and
WHEREAS, I have studied the said PETITION and am In agreement
with Its stated objectives;
WHEREFORE, be it known hereby, that I, K@ef}(. ,4, t3/Arn(ft., of
~ 0#5"' BIJf'. S-;20<;- ,ST-,-()<h!s/)f;1r<',. (.lA, 1/, do hereby consent,
agree to, and join in the above referredJto PETITION, (reserving unto
myself, my heirs, executors, administrators and assigns all rights to take
positions and to advance legal argumonts as to how and to whom ultimate
distributions from the trust shall be made upon the death of either or both
-Ii tenants) by affixing my hand and seal this '/'II) day of
~ , 1994.
(
Witnessed by:
__f.Z~.::/!3.?!:!.:.~_~~____ ~<-Q.€.~~~_0.4~e..e. ~(SEAL)
_ ) , f
l...L.:.tJr.L~"J.;.+ji!.~'i~___
./ ,'.~ (J ,
Sworn to and subsorlbed to j/ .
before me this '1YJi day of ( A.( ,oK j:-~ , 1994.
(
! I (j t
. .:.:L~g/xd~__/L_./)J111i~ .
~ta~o~p.AL
WENDY L, BAAOF, NOTARY PU81ID '
8TRDUOSDlIIIQ,MONROECO, PA
1~.~I::!..~XPIRE8 NOY,30, Ieee
~...
,...-..
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
ORPHANS' COURT DIVISION
OLD STYLE DOCKETING NO, S-236, WILL BOOK 34, PAGE 388
IN RE: TRUST UNDER THE LAST WILL AND TESTAMENT OF J. HOWARD
SWARTZ, DECEASED, LATE OF MECHANICSBURG, CUMBERLAND COUNTY,
PENNSYLVANIA
\ .
CONSENT, AGREEMENT AND JOINDER TO PETITION FOR COURT
PERMISSION AND APPROVAL TO DIVERSIFY INVESTMENT.
WHEREAS, I have been served with copies of the PETITION FOR COURT
PERMISSION AND APPROVAL TO DIVERSIFY INVESTMENTS; and
WHEREAS, I have studied the said PETIT/ON and am in agreement
with Its stated obJectives;
. HEREFOFE, be It kn,/~wn hereby,_ that I, e/andJ/. tvtney /Jver!, of
() hoC\J~) P"li L./!., :) ,I i n4'j rc:\ve, }>f\ '"/8'7 Q, do hereby consent,
agree to, and Join In the above referred to PETITION, (reserving unto
. myself, my heirs, executors, administrators and assigns all rights to take
positions and to advance legal arguments as to how and to whom ultimate
distributions from the trust shall be made upon the death of either or both
Ilf~tenants) by affixing my hand and seal this rJ. ,,>"+1) day of .
-6J(':lLlb~ 1- ,1994,
Witnessed ~
.c#=-,
/'/} 'l/J(')
r~'2-f{l/.l~,-.z::,:.._/j!gfJ.~ (S EAL)
----.-------------------
SWorn to and sUbsorl~ed to .tt:J .
before me this 1)~)Y< 'day of _ JiG(.(A, 1994.
"- ---- - ~~~,,~
----. lary Pub'
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~2.J0007
RECEIPTS OF PRINCIPAL
7/10/44
MUNCE PER '11E FIRST AND PARTIAL
ACCOUNT OF TIlE F IIIST IlhNK AND
TRUST COMPANY SunSTXWfED TRUSTEE
UNDER 'fllE LhST WIl.L OF TESTMlENT OF
0.' J UOWhlUl ~WARTZ DECEhSED
AS STATED AND APPI\OVED 10,810,71
===::1==::1:1=
COMPOSED OF
CAS II
3,857.71
7/10/44
7/10/44
7/10/44
25 SIIS LIFE UNDERWRITER PYD CUM
1.00
35 SIIS FIRST DANK AND TRUST COMPANY COMMON
3,150.00
20 SIIS SECOND NATIONAL DANK OF
MECIIhNICSDURG COMMON
3,800.00
7/10/44
7/10/44
7/10/44
22 SIlS MECllhNICSDURG TRUST COMPANY COMMON
300 SIIS AMALGAMATED COPPER CO COMMON
1.00
300 SIIS CRACKER SUMMIT MINES CO COMMON
1.00
OnlER RECEIPTS
-----....--..........
7/11/44
TRANSFER FROM INCOME
FOR REINVESTMENT
89.00
12/11/44
9/15/45
CAsn . TRUST COMPANY
110.00
CASU - TRUST CO~IPANY
ASSETS REMOVED AS WORTIILESS
----..----------------..-..---
11/15/77
11/15/77
11/15177
3/13/86
2/27/87
300 SHS AMALGAMATED COPPER CO COMMON
25 SIIS LIFE UNDERWRITER PFD CUM
300 sns CRACKER SUMMIT MINES CO COMMON
1.oe
TRANSFER FROM INCOME
ll.oe
FEDERATED INTERMEDIATE GOVT TRUST
SH DES INT SIIORT TERM CAPITAL GAINS
32.9
2/27/87
FEDERATED INTERMEDIATE GOVT TRUST
51\ DEN INT LONG-TERM CAPITAL GAINS
184.2
10/21/92
COMM NATL SECURITIES LITIGATION
1,840.00 SlIMES @ .8619762 PER
511ARE
1,555.0 I .
12,899.(
Cllla====aa=E
TOTAL PRINCIPAl. RECEIPTS
- 3 -
. , "
"J,1l0WARD SWARTZ 8250007
GAINS AND LOSSES ON SALES AND OTIIER DISPOSITIONS
GAIN ~
-
7/02/56 3.900 PAR USA SAVINGS nONDS SERIES G
DUE
PROCEEDS: 3,900.00
ACQUISITION VALUE: 3.900.00 .00
11/26/58 HTG - nRUUAKER & JlAMSIIER
FINAL PRINCIPAL PAYMENT
PROCEEDS: 4.166.71
ACQUISITION VALUE: 4,166.71 .00
12/20/63 HTG - ROSS IlAMSIIER
PRINCIPAL PAYMENT
PROCEEDS; 191. 71
ACQUISITION VALUE: 191. 71 .00
1/07/64 M'l'G - ROSS IIAMS lIEU
PRINCIPAL PAYMENT
PROCEEDS: 500.00
ACQUISITION VALUE: 500.00 .00
1/14/64 M'l'G - ROSS IIAMSIIER
PRINCIPAL PAYMENT
PROCEEDS: 597.00
ACQUISITION VALUE: 597.00 .00
11/02/65 HTG - ROSS IIAMSIIEU
FINAL PRINCIPAL PAYMENT
PROCEEDS; 303.00
ACQUISITION VALUE: 303.00 .00
5/11/78 F DElll<llElMER MTGE
PROCEEDS: 616.71
ACQUISITION VAl.UE: 616.71 .00
5/16/79 10 SIIS PIIIT.A ELECTRIC CO COMMON
PROCEEDS: 378.17
ACQUISITION VALUE: 975.00 596.6
6/06/80 FIRST DANK AND TRUST CO MECII
JUBILEE SAVINGS ACCOUNT
WITIIDRAWAL
PROCEEDS: 2.00
ACQUISITION VALUE; 2.00 .00
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GAINS AND I.OSSES ON SALES AND O'11lER DISPOSITIONS
9ill
1.QM
6/01/88
8,985.87 SlIS FEDERATED TRUST FOR US TREASURY
OBLIGATIONS
PROCEEDS:
ACQUISITION VALUE:
8,985.R7
8,985.87
.00
10/26/88
233.466 UTS FEDERATED INTEllMEDIATE GOVT TR SII
DEN INT m
PROCEEDS: 2,238.94
ACQUISITION VALUE: 2Li~ . 161.09-
10/26/88 261.06 SlIS FEDERATED TRUST FOR US TREASURY
ODLIGATIONS
PROCEEDS: 261.06
ACQUISITION VALUE: 261.06 .00
-
9/29/89 10,000 PM USA TREASURY NOTES
8.50% DUE 09/30/89
PROCEEDS: 10,000.00
ACQUISITION VALUE: 9,987.40 12.60
10/31/89 10,000 PAR USA TREASURY NOTES
7.875% DUE 10/31/89
PROCEEDS: 10,000.00
ACQUISITION VALUE: 9,986.40 13.60
11/30/89 10,000 PAR USA TREASURY NOTES
7.75% DUE 11/30/89
PROCEEDS: 10,000.00
ACQUISITION VALUE: 9,998.20 1,80
12/18/89 269.795 U'l'S FEDERATED INTERMEDIATE GOVT TR SII
DEN INT FD
PROCEEDS: 2,633.20
ACQUISITION VALUE: 2,773.49
2/14/90 93.383 tITS FEDERATED INTERMEDIATE GOVT TR SII
DEN INT FD
PROCEEDS: 896.48
ACQUISITION VALUE: 959.98 63.51
10/31/91 10,000 PM USA TREASURY NOTES
7.625% DUE 10/31/91
PROCEEDS I 10,000.00
ACQUISITION VALUE: 9,979.10 20.90
. 6 .
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.J HOWARD SWARTZ
.
'. 835.0007
PRINCIPAL INFORMhTION SC1~DULES - INVESTMENTS MADE
6/01/88 9,000 PAR USA 'l1IEASlmY NOTES
8.75% DUE 08/15/93 0,985.87
10/02/89 10,000 PAR USA TREASURY NOTES ' I
0.25% DUE 09/30/93 9,966.60
10/31/89 10,000 PAR USA TREASlmY NOTES
7.625% DUE 10/31/91 9,979.10
11/30/89 10,000 PAR USA TREASURY NOTES
7.75% DUE 11/30/91 9,994.50
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7/06/92 7,782 UTS PNC INTERMEDIATE GOVERNMENT
FUND . 34,995.65
, ,
6/04/93 648 UTS PNC INTERMEDIA'fE GOVERNMENT \,
FUND ' 2,997.00
.1/06/94 .2,263 UTS PNC MANAGED FIXED INCOME FUND 20,996.11
6/02/95 2,004 UTS PNC INTERMEDIATE GOVERNMENT
FUND 8,999.96
6/05/95 1,004 UTS PNC MANAGED FIXED INCOME FUND 8,999.86
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.
~~ HOWARD SWhRTZ
. PRINCIPAL INFORMATION SCIIEDULES - CHANGES IN INVESTMENT JlOLDINGS
-
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CONTINUED: FIRST BANK AND TRUST COMPANY COMMON
8/01/84 STOCK SPLIT 5-1
672 flllS FIRST BANK AND TRUST COMPANY
8/01/84 840 SIIS FIRST BANK AND TRUST COMPANY
NOW FIRST DANCOllP INC PA 3,150.00-
R=====~=== lu::u::uaamac=1:l
o SIIS .00
1/21/69 451 SIIS COMMONWEhLTlI NATIONAl, BANK COMMON
IN EXCIIANGE FOR
335 SIIS IIARRlSDURG NATIONAL BANK
COMMON 6,375.00
4/02/73 STOCK SPLIT 2-1
451 sns COMMONWEhLTlI NATIONAL BANK COMMON
4/21/86 SOLD
902 SIIS COMMONWEhLTlI NATIONAL BANK COMMON 6,375.00-
C1========= ~aaa:::U:::IaZ:I1I1U:::l
o SIIS .00
5/15./78 PURCIIASED
FIRST DANK AND TRUST CO MEcn
JUBILEE SAVINGS Acr,OUNT
DEPOSIT 616.71
5/31/79 PURCIIASED
FIRST BANK AND TRUST CO MEcn
JUBILEE SAVINGS ACCOUNT
DEPOSIT
6/06/80 SOLD
FIRST DANK AND TRUST CO MECII
JUBILEE SAVINGS ACCOUNT
WlTlIDRAWAL
9/10/80 FIRST DANK AND TRUST CO
JUBILEE SAVINGS ACCOUNT
NOW FIRST BANK AND TRUST CO
STATEMENT SAVINGS ACCOUNT
,
................... I
.01
9/10/80 FIRST DANK AND TRUST CO
STATEMENT SAVINGS ACCOUNT
FORMERLY FIRST BANK AND TRUST CO I
JUBILEE SAVINGS ACCOUNT ' 992.8 ,
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PRINCIPAL IlALANCE ON HAND
COMMON STOCKS
4,884.. SOS PNC BANK CORP COMMON
FUNDS
-
3,176 UTS ,PNC MANAGED FIXED INCOME FUND
10,434 UTS PNC INTERMEDIATE GOVERNMENT
FUND
INVESTED CASH
TOTAL PRINCIPAL
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10/29/96
173,992.50 '
28,374.38
46,660.85
3'; 281.84
252,309.57
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8~50007
ACQUISITION
VALUE
2,409.87
29,151.67
46,992.61
3,281.84
===o=a===al:lll llIIaamaazaaQlllaQ
81,835.99
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ORPHANS' COURT DIVISION
OLD ST(LE DOCKETING NO. $.236, WILL BOOK 34, PAGE 388
IN RE: TRUST UNDER THE lAST WILL AND TESTAMENT OF J. HOWARD
SWARTZ, DECEASED, LA.TE OF MECHANlCSBURG, CUMSERLA.ND COU~ITY,
PENNSYLVANIA
~;8.
II
AND NOW, this ;). ~ ,rr day of r,%I~ v'.J.r,v~~:-1994, aft&f
consideration of the P TITI N F ~ (, PROV A T
DIVEF1SI~Y INVEST1yIENTS, it is hereby ordered and decreed as follows:
1, The Trustee, PNC Bank, National Association, successor by merger
to "he First Bank and Trust Company, is hereby permitted and
authorized to make a phased sale of the shares of PNC Financial
Corporation by selling five hundred (500) shares of PNC Financial
Corporation per year for :he next ten (10) years.
2. The said TrtJstge IS hereby permitted and authorized ~o ie.invest
the proceeds from sue:; phased sales into a diversified portfoiio,
1. The said Trustea is nereby permitted and authorized to pay from
the corpus oi the trust ,he costs of filing !hls petition, related
ql:llitlons ,\lnd jOlllrJers.
BY Ti-"E I~OURT,
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EXH IBlr 11
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GEORGE M. HOUCK
(1912.1991)
CHARLES E. SHIELDS III
ATTORNEY.AT.LAW
MELLON BANK BUILDING
2 WEST MAIN STREET
MECHANICSBURO, PA 17055
TELEPHONE
(717) 766.0209
25 January 1994
Honorable Harold e, Sheely
President Judge, Orphans' Court of Cumberland County, Penna.
Via Hand-delivery
Re: Estate of J, Howard Swartz, deceased, late
of Mechanlcsburg, Cumberland County, Penna,
Old Style docketing no. S-236, will book 34,
page 388
Dear Judge Sheely,
Please be advised that I rapresent the PNC Bank. N.A., successor trustee of Ihe lrust established
u~der thll will of J. Howard Swartz. The trusl was established pursuant to the lenTIa 01 a handwritten will.
apparently prepared by the decedent himself, perhaps from snippets of other wills that he had seen, In
any event, It has glvan rise to a series of problems and controverslos dating from 1926, The firsl atlomey
Involved wllh this estate was Mr. Samuel Basehore, Mr, George M. Houck, my mentor and predecsssorl
"Inherlled" the estate file from Mr, Basehore.
While Mr. Houck wae stlllllvlng,he and I represanted the trustee In the latest of the controverslas
arialng from this truat. That action Involved a petlllon lor a decleratory judgllmentllled by the two current
life Income beneflclarlss of the trust, who are represented by Mr, Jeffrey Apfelbaum. Esquire. 01 Sunbury,
Penna. There have been a numbElr of previous dispositions In ths estate that Indicated an Interpretation
lhat the life Income beneflelaries were only that and that the will contained a reverelon or remainder In lavor
of the general helre. After several motions flied on behalf 01 the trustee, askJng that all the right hairs be
Joined In as neoessary partles,the petition for declaratory jUdgament was wllhdrawn, That Issue Is nol
directly related to my letter but Is Indlreclly related In that II gives rlae to our requost for a guardian ad litem
as will be explained below,
The trustee, Mr, James Best, who has succeeded Mr. Wayns Kautz as the primary trust oHleer at
the Mechanlcsburg branch ot PNC Bank, N.A., successor to The Flrst Bank and Trust Company, has been
reviewing Ihe current holdings of the trust ann lis past history, etc., wllh me, He has decided that II would
be best 10 diversify the current holdings of the trust. The bulk of the .::urrent holdings Is In PNC Bank.
N,A.'s holding company's stock. This slock Is, according to my research, the "substantial equivalent' of
the original stock of Tho First Bank and Trust Company. Tha original slock was bequeathed In kind to the
truslee, the Income/dividends to be given to Ihe iIIe income beneficiaries, the decedent's two (2) nieces,
We propose to file a petlflon to diversify ths investmenls In the trust which will Include a phased re-
Inveslment program to take place over lime. We do not believe anyone will oppose this but do not
presume to speak for anyone else. Mr. Apfelbaum wrote a letter to Mr. Best several months ago
raquestlng this very thing. I have been in contact with Ihe daughler of one ollhe right heirs/reversioners
and she doea not believe her father would oppose Ihls, I have spoken to Ms. Dawn Sunday of the
Cumberland County Bar and she is willing to serve os a guardian ad litem for the unnamed right
helrs/reversloners of Ihe estate ot J. Howard Swartz. Wa are recommending a guardian ad litem becauee
of the huge numoer of these potential right heirs/ reverslonera and becauoe of the potential difficulty In
Irooklng them all down for this relatively simple proceeding.
[iH/BIT B
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.IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
ORPHANS' COURT DIVISION
OLD STYLE DOCKE:TING NO. S-236, WILL BOOK 34, PAGE 388
IN RE: TRUST UNDER THE LAST WILL AND 1ESTAMENT OF J. HOWARD
SWARTZ, DECEASED, LATE OF MECHANICSBURG, CUMBERLAND COUNTY,
PENNSYLVANIA
PETITION FOR APPOINTMENT OF GUARDIAN AND TRUSTEE AD LITEM IN
ACCORDANCE WITH 20 Pa. C.SA { 751 (5)
II
TO THE HONORABLE. THE JUDGES OF THE SAID COURT:
The Petition of PNC Bank, National Association, successor by merger
to The First Bank and Trust Company, by its counsel, Charles E. Shields III,
respectfully represents that:
1. J. Howard Swartz made his Last Will and Testament on August 1,
1927. He passed away on April 10, 1928 and this will was duly probated
In the office of the Register of Wills in and for Cumberland County,
Pennsylvania on February 13, 1929.
2. The will of J, Howard Swartz is recorded In Will Book No. 34, page
388 In' the Register of Wills Office aforesaid. The original handwritten or
holographic will which is not the same in all details as the typed
facsimile, Is recorded in a Will Drawer under No. 1169 in the Register's
Office aforesaid.
3. Pursuant to said will, a trust was established for, inter alia, two
(2) life tenants, and said Petitioner, through various accountings,
releases, and court approvals has become the trustee of said trust as is
more fully detailed in the PETITION FOR COURT PERMISSION AND
APPROVAL TO DIVERSIFY INVESTMENTS which is attached hereto and
incorporated herein and which will be formally flied with your Honorable
Court upon the prayed for appointment of a guardian and trustee ad litem.
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IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
ORPHANS' COURT DIVISION
OLD STYLE DOCKETING NO. S-236, WILL BOOK 34, PAGE 388
IN RE: TRUST UNDER THE LAST WILL AND TESTAMENT OF J. HOWARD
SWARTZ, DECEASED, LATE OF MECHANICSBURG, CUMBERLAND COUN1Y, '
PENNSYLVANIA
PETITION FOR COURT PERMISSION AND APPROVAL TO DIVERSIFY
INVESTMENTS
The Petition of PNC Bank, National Association, successor by merger
to The First Bank and Trust Company, by its counsel, Charles E. Shields III,
respectfully represents that:
1. J. Howard Swartz made his Last Will and Testament on August 1,
1927. He passed away on April 10, 1928 and this will was duly probated
In the office of the Register of Wills in and for Cumberland County,
Pennsylvania on February 13, 1929.
2, The will of J. Howard Swartz is recorded in Will Book No, 34, page
38a in the Register of Wills Office aforesaid. The original handwritten or
hOlographic will which is not the same in all details as the typed
facsimile, is recorded in a Will Drawer under No. 1169 in the Register's
Office aforesaid.
3. J. Howard Swartz named in his Will as his executrices: Sue M,
Swartz, Hattie J. Happle and S, Edith Swartz.
4. The said Sue M, Swartz, Hattie J, Happle, and S. Edith Swartz
acted as co-executrices and trustees under the will of J, Howard Swartz.
As such, they acted also as trustees for a trust created under the will of
J. Howard Swartz for the benefit of the then single women, Blanche Forney
(now Rogers) and Edith Forney (now Cameron), the then and current life
tenants of the said trust.
5. The following bE:lquest in the Will of J, Howard Swartz led to the
\
~ ' , '
creation and administration of a trust to maintain a life estate Interest in
Income for the said life tenants herein:
The dividends on (10) ten shares of 2nd National
Bank Stock will be given to Edith and Blanche
Forney, share and share alike
To Edith Forney and her sister Blanch Forney, In
addition to the (10) ten shares of 2nd National Bank
Stock, each will be given the income during their
natural life from (,this additional stock, which
with the ten shares mentioned in the beginning of
this will)
(5) Five shares each of 2nd National Bank Stock
(10) Ten shares of 1 st Bank and Trust Co,
(10) Ten shares of Mechanlcsburg Trust Co,
After my estate is settled, & there should be a
balance, divide the balance between Edith Forney
and her sister Blanch, This share in my estate Is to
given them under the same conditions, I give them
the Bank Stock, To be put In trust during their life,
only the income to be theirs.
('errors in spelling and grammar in original)
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,
6, One of the co-executrices, S. Edith Swartz, passed away on April
3, 1939.
7. The then surviving co-executrices and trustees, Sue M. Swartz
and Hattie J. Happle, on May 17, 1939, prepared a ~
and, pursuant to a list of J. Howard Swartz's helm prepared at the time,
notified interested persons that an ACCOUtil. would be filed with the
Register of Wills and that said ACCOUNl would come before the Orphans'
Court for confirmation, Confirmation of the ACCOUJfl. was subsequently
made by the Orphans Court.
8. On June 20, 1939, the aforesaid surviving co-executrices and
trustees, presented a petition (No. 1329) in the Orphans' Court addressed
to the Honorable Fred S. Reese, the then President and sole Judge of the
Orphans' Court, wherein they explained the administration of the trusts
within the will of J. Howard Swartz had been handled by the then deceased
S, Edith Swartz. The surviving co-executrices Informed the Orphans'
Court that they did not feel oapable of carrying out the duties of trustee.
9, Accordingly, the surviving co-executrices prayed the Orphans'
Court to discharge them from the duties of co-executrices and trustees
under the will of J, Howard Swartz and to appoint The First Bank and Trust
Company as trustee in their place and stead.
10. The Orphans' Court, through President Judge Reese, granted
thfilr prayer and approved a bond Posted by the new trustee on June 20,
1939,
11. From JL'ne 21, 1939, through the present, The First Bank and
Trust Company, now PNC Bank, National Association, successor by merger,
has managed the aforesaid trust.
12, The aforementioned shares of 2nd National Bank Stock are no
longer held in the said Trust but were not deliberately and willfully
"cashed In" on the merger of the said bank with the Commonwealth
National Bank, rather there was a lottery amongst the shareholders which
necessitated the "cash In," The funds so received have been invested and
re-Invested from time to time in various government bonds, money market
funds and the like,
13, The shares of the Mechanicsburg Trust Company became, by
exchange pursuant to merger, shares In The First Bank and Trust Company
on April 18, 1957,
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,
14, In 1939, when the said Trust was turned over to The First Bank
and Trust Company, the tax cost basis of the said Bank's stock was
approximately $3,150.00 for the then transferred 168 shares of the First
Bank and Trust Company,
"
I
15, On March 1, 1988, pursuant to the terms of a merger agreement,
the shares of the First Bank and Trust Company were exchanged in a ratio
of 1.9 shares of the First Bank and Trust Company to 1 share of PNC
Financial Corporation, the hOlding company which owns PNC Bank.
16. The trustee herein believes the said shares of PNC Financial
Corporation to be the "substantial equivalent" of the First Bank and Trust
. ,
Company shares which were first put in trust for the said life tenants
with the remainder or reversion to go to the heirs of J. Howard Swartz.
17, As such "substantial equivalent" of the original shares which
were to be held in trust and the dividends to be paid during their lives to
the said life tenants, the current shares should not be sold without court
permission and approval.
18. The current approximate holdings of the said trust are:
75% PNC Fin Corp $191,500.00 yielding: 4.4%
16% Govt Bd Fund 39,500,00 6.1%
8% Money Mkt Fund 21,600.00 2,8%
19. The trustee herein believes it would be prudent under current
investment philosophies and economic realities to sell a reasonable
portion of the said PNC Financial Corporation holdings in order to obtain a
better return and to diversify the holdings so as to better protect the
potential capital appreciation of the corpus of the said trust, thus
benefitting both the life tenants and the remaindermen or reversioners.
20. It will be the trustee's objective to structure the account so as
to eventually hold 60-70% in equities, e.g'l common and preferred stocks,
and 30-40% in fixed income investments, The trustee proposes to sell
500 shares of PNC Financial Corporation per year for the next ten (10)
years. Such proposed sale will have the following tax impact this year:
cost basis per share $00.50
market val. per share 29.00
$14,500 sales proceeds
- 300. less tax basis
14,200 capital gains
x .26 tax rate
3,976 income tax
The net sales proceeds will amount to $10,524.00, which the trustee
will invest In a managed fixed income common Investments fund currently
yielding 6.7%. In future years sales proceeds will be invested in equity
funds for growth and diversification in keeping with the investment
objectives of the account.
.' .'
21, The trustee proposes to carryon the phased Investment
diversification program In the same manner until the proposed
diversification objective Is met. Trustee does not Intend to attempt
market timing but rather will engage in purchases on a regular basis.
22. The trustee herein has served copies of this petition upon:
Blanche Forney RogElrs, life tenant
Edith Forney Cameron, life tenant
Eugene A. Burnet, remainderman
Dawn S. Sunday, Esq" Guardian and trustee ad litem for
unnamed remaindermen and heirs
23. The trust herein has been the subject of litigation in the past
concerning the purported rights of the life tenants, to wit: the said life
tenants Instituted a Declaratory Judgment Action against The First Bank
and Trust Company, as Trustee for J. Howard Swartz Estate, docketed in
the Prothonotary's Office to No, 2148 Civil 1985,
24. After the trustee herein, through its counsel, raised a number of
preliminary objections and made a motion to transfer the action to the
Orphans' Court, the action was withdrawn by the life tenants,
25. Amongst the aforesaid preliminary objections was one that not
all indispensable parties had been joined, to wit: all the currently living
potential heirs of J. Howard Swartz,
26. Trustee herein believes that the interests of the now
potentially numerous currently living potential heirs of J. Howard Swartz
can be adequately protected by the appearance of Eugene A. Burnet and the
appointment of a guardian and trustee ad litem for whose appointment a
separate petition is being filed herewith.
27. Your honorable court has the power to permit and approve the
requested diversification in the proposed phased manner pursuant to
Probate, Estates and Fiduciary Code, Title 20, sections 3353 and 7319(b).
WHEREFORE, Trustep. respectfully prays that this Honorable Court
will enter an order that:
A. Permits the trustee to make a phased sale of PNC Flrancial
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creatiol1 01l1d adrnll11stratlOn of a trust to maintain a life estate inters:;t in
income for the said life ten;;1nls h~r':lin:
The dividel1ds on (' 0) ten snares of 2nd National
Sank Stock will be given to Edith and Blanche
Forney, share ;\nd share alike
To Edith Forney and her sister Blanch Forney, In
addition to tho (j 0) :on sh.uee of 2nd National Bank
Stock, each will bij given the income during their
natural life from (,this additional stock, which
with the ten shares mentioned in the beginning of
this will)
(5) Five shares each Of 2nd National Bank Stoo~<
('0) Ten ~har'es 01 1 $1 Bank and Trust Co.
(10) Ten snares of Mechanic$burg Trust Co.
After my estate is settled, & there should be a
balance. divide the balance between Edith Forney
and her sister Blanch. This share in my estate Is to
given them under thl') same conditions. I give them
the Bank Stock. To be put in trust during their life.
only the income to be theirs.
(.errors in spelling and grammar in original)
,$, One of the co.executrlces, S. Edith Swartz, paSSed away ,in April
3, 1939.
7, Tile then surviVing co-executrices and trusteas, Sue M. Swartz
and Hattie J. !-lappla, on May i 7, 1 939, prepar~ " FIRST AND FINAl.
,ACCOUNT..!.JfljOfR iHE LAST .Y'lI.!.l..&'.!D T EN
and, pursuant 10 8 liST lit J. Howard Swartz's heirs pr$par9d at lhp. time
,1otlti(~d intereSTed parsons :hat ,3n AC COI~NT. would be lileo with the
RI~glster "i Wills und that ,aid ACCCUN1. would come before :he Orphan5'
r,'iurt fill' ,~onfirmation.~':JI1rlrmatiol1 01 the ~OUNT was :;ubsequClI1t1y
'Mde ~?V the Orphans' elMt.
,), :)n ,jun~20, "):;9. '!1i1 'lhlr"tR8Id Hlrlllllir'lg ':O,~xeclJtr!ces ::\no
:r1JSt~98, "r9santeli ,J JBtI1icn No. ; :329\11 'h" Orpnant;' :~ourt ,lddrl'lssed
o :M-10110raOla ;=rFld ';). !;1'l9Se, 111e 1,llall :)"e5ldant ana Sole Judgo " :hB
,;rOhans',;illJlt Nneral/1 ,l1el/ -lXPIUlnell 'he idministmtion ')1 'hePJS1S
'Illhtr\ '''(~ NIII:I . Howarr;; ;'IV:tit;: lac :~Rn ~iillalea JV -he '~!l11 ,j(>C:lJtl9~(j
,/l" I <I ,. :~ ':'l)i;' 11) : :' It
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S, Edith Swartz. The surviving co.executrices informed the Orphans'
Cour! that they did not real capable of carrying out the duties of trustee.
9, Accordingly, the sur'J:vlng co.executrices prayed the Orphans'
Court to dlscllarg€l them from the duties o! co-exl1Gulrices ilnd trustees
under the will of J. Howard Swartz al1d to appoint The First Bank and Tru$t
Company as tru9tee In thl)l( cl1.1ce and stead,
10. The Orphans' Court, through PreSident Judge RG~se, granted
their prayer and approved a bond posted by the new trustee on .June 20,
1939.
11. From June 21, 1939, thrrJugh the present, The First Bank and
Trust Company, now PNC 8ank, National Association, successor by merger,
has managed the aforesaid trust,
12. The aforementioneo shares of 2nd National Bank Stock are 110
longer held in the said Trust ~ut werl3 not deliberately and willfully
"oashed in" on the merger of the said bank with the Commonwealth
National Bank, rather there was a latter; amongst the shareholders 'Nhich
necessitated the "cash in." The funds so received have been invested and
re.invested from time to time in various government bonds, money market
funds and the like,
13. The shares 01 the Mechanicsburg Trust Company became, by
~xchange pursuant to merger, sr,ares :n The First Sank and Trust Comoany
I)n April 18, 1957,
14. In 1939, when the said Trust was turned over to ihe First Sank
and Trust Company. the tax cost basis of the said Bank's 9tock was
"pproximatelY $3,150,00 for :ne ~hen transferred 168 shares 01 the First
Bank and Trust ::umpany
15. On March " : 988, purslJant :0 :he terms of a ",el'ger3grQement,
:h!l'lharflls ,:)f the r-irs! Sank ,'1nd T'ust C,)11'10Any were ~xchangAdn. r3t1o
)f ' J ,)hares of the ;:irst Bi'lnkwJ ~I'IJst '~,)mpany \0 1 share ,)f FINe
,:;nanclal ':orporatlon. :hA 10ldinq ,10mpFlnv 'Nhich owns PNC Sank,
'I;, -he 'rtJStR8 1Rrp.111 ;F'""VI~S 'hp. ;alo;harl~s)i ;)NC !=inanc:al
:JlOllr3ticJn Q '8 'I\ll ',lIDllrar~tlnl ~aulv:~1811l" :)t 'he '::imt 3anklnd -"lst
,t/-ll) 4 ~I:t(~,:', I~,: r:,~
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Cornpf:\ny shl:W:ls which ware firsl put in trust for the said life tenants
with the remainder or re'lerSIOI1 to go to the heirs of J, Howard Swartz.
17, As such "llubstantial equivalent" of the original shares which
were to be held In trust and the dividends to be paid during their lives to
the said life t~nants, the current silares should not be seld witholJt court
permission and approval.
18. The curranl approximate holdings of the said trust ara:
75% PNC Fin Corp $191.500,00 yielding: 4.4%
16% Govt 3d Fund 39.500,00 6.1%
8% Money Mkt Fund 21,600,00 2.8%
I
19. The trustee herein believes it would be prudent under current
Invostment philosophies and economic realities to sell a reasonable
portJon of the said PNC Financial Corporation holdings in order to obtain a
better return and to diversify the holdings so as to better protect the
potential capital appreciation of the corpus 01 the said trust. thus
benefitting both the lite tenants and the remaindermen or reversioners.
20, It will be the trustee's objective to structure the account so :as
to eventually hold 60.70% in equities, e.g., common and preferred stocks,
and 30.40% in fixed income investments, The trustee proposes to sell
500. shares of PNC Financial Corporation per year for the nex~ ten (10)
years. Such proposlld sale will have the following tax impact this year:
cost baSIS per share $OO,.';D
market val, per share 29.00
$1<1.500 sales proca~ds
, 30n less tax baSIS
14,200 capital gain:;
_ x 2B lax rate
3.'376 ;ncome :ax
The net sales 'Jroceeds 'NIII ~mounl to $10,52t.l.00, which thfl ~rustee
.viII invest in il manageCf :iXGO Income common InVElfltments fund r.um~ntl)'
1lti'Ic:linq ? ;0,", in future 'IHl'lrS ,aias 'Jror.AedS Will oe invested in ~Cluitv
IJilr:~1 rJr')rrllVlh J.11l'l1IVI'!!'Slfic::llit)11 11 1,~~CIl1r; With 'hl1 :nvA!';tment
!1:1~r:ll\les '11 'he :\CI:OIJl1t.
,tl- l(: -:;(Il:.r:, 1r:1: ~,r:,
fll<:' "rV!:,,,:,f.:,'
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21, The trustee proposes to carryon the phased investment
diversification program in the same manner until lhe proposed
diverSification objective is met. Trustee does not intend to attempt
market timing but rather will engage In purchas&$ on Cl regular basis.
22. The trustee herein Ilas served COpif)S of ihis petition upon:
Blanche Forney Rog~l's, life tenant
Edith Forney Cameron. life tenant
Eugene A, Burnet. l''3mainclerman
Dawn S. Sunday, Esq., Guardian and trustee ad litem for
unnamed remaindermen and helts
23. The trust herein, has been tt19 subject 01 litigation in the past
concarnlng the purported rights of the life tanant51 to wit: the sai(j li'~
tenants instituted a Declaratory Judgmaf'll Aetior'l against Th~ First Sank
and Trust Company, as irustae lor J. Howard Swanz Estate, docketed in
the Prothonotary's Office to No. 2148 Civil 1985.
24, After the trustee herein. thrnugh its counsel, raisad a numb~r of
preliminary objections and made a motion to transfer the action !o the
Orphans' Court. the action was withdrawn by the life li~nants.
25. Amongst the aforesaid preliminary objections was one that not
all indispensable parties ~ad been )OiMd, to wit: all the currently living
pctential heirs ot ,), Howard Swartz
26, Trustee !1er~1n o~liev~s that the interests of the now
potentially :,umerous currently living potential heirs 'Jf J, Howard Swart::
can be adequately protected by the appeara(1ce of Eugene A. Burnt'll and ~~lq
apoointment I,)f .:l guardian :~nd irllstee ad :Item for wnose ;lOPOll1tment :i
3eparate o~tltlon is being 'ilp.\i hereWith,
:t,', '(our nonr,rable)OI;r1 l,a5 :he !Jollier :0 pArmlt Jlld ~cprrwe 'he
mouesteo cliversiiicatloll :n :r.l:ljrl1Dosed )tlased manner ;jursunnt ~o
" b t -. + '"' -'..,. ~ d -. I ^(1 , '3~" d -." '<hI
ro a e, ::s.a.es an" ,"",ur;larv .,0 8, i:1 fr ,:~, 'lectlons ,', ",' 'ln ,.1"
'iVHEFE=CRI:, ":"I'IJmee ~:;oRr.tfuilv:r;lV~l 'hAt :hi!:\ '4onombh~ 1;..lIHt
1'111 'inTer ,If) lrl.lfir 'Ilat:
.. ;'Hmll:i 11<:0 'r'Jst..~~ '~ "'akl~',~;1Qr.l'ld ;alB llJIIJC ~:11Ar'l(:ii11
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Oommonwealtl1 of Panna.
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ss:
County of C,umberland
Gelore me, a Notary Public, in and. (or the said counlY and
commonwealth, personally appf)81'lld ,Jam13s H. ,Best, trust. otflcer 01 PNC
Bank, NationOiI Association, slJccesso/: by marger to The First Bank and
Trust Company, a corporale banking institution organized and existing
under the laws of the Commonwealltl of Pennsylvania, who, being duly
sworn according to law, deposes and says that as such he is authorized to
make this affidavit on behalf of the said banking institution. and that the
facts set forth in the foregoing petition to permit a sale and phased
diversification of the PNC Financial Corporation currently held in the
Trust under the Will of J, Howard Swartz are true and correct to the best
, ,of his knowledge, information and belle!,
Atlest:
PNC Sank, National Association,
successor by merger to Th.; First
Sank and Trust Company
-......----------
, By
Seeret,ary
. James H.Sest, Tr, Officer
Sworn and subsoribedto
before me this ~day
of __, A,D, 1994.
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Notary Publip.
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In RE:
IN THE ORPHANS' COURT DIVISION OF
THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
OLD STYLE DOCKETING NO, 2.236,
WILL BOOK 34, PAGE 3BB
NEW DOCKET NO, 21.94._
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TRUST UNDER THE LAST WILL AND
TESTAMENT OF J, HOWARD SWARTZ,
DECEASED, LATE OF MECHANICSBURG
CUMBERLAND COUNTY, PENNSYLVANIA
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pETITION FOR COURT PERMISSION AND DIRECTION TO CONTINUE PROGR~M
OF SALE AND DIVERSIFICATION OF INVESTMENTS
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The Petition of PNC 8an~" National Association, successor by merger to The First Bank and Trust
Company, by Its counsel, Charles E. Shields, III, respectfully represents that:
1, On November 28, 1994, after consideration of a PETITION FOR COURT PERMISSION AND
APPROVAL TO DIVERSIFY INVESTMENTS, the Honorable Harold E, Sheely, President Judge of the
Court of Common Pleas of Cumberland County, Pennsylvania, sitting as Judge of its Orphans' Court
Division, by an ORDER, authorize(1 PNC Bank, as Trustee under the last will and testament of J, Howard
Swartz, deceased I to make a phased sale of the common stock shares of PNC Financial Corporation, now
known as The PNC Financial Services Group, Inc, ("PNC") by selling five hundred (500) shares of PNC per
year for the following ten (10) years, further authorizing the said Trustee 10 re.invest the proceeds from
such sales into a diversified portlolio, and to pay from the corpus of the Trust various costs associated with
the filing of the said PETITION, (A true and correct copy of the said ORDER is attached hereto for the
Court's convenience as Exhibit A,)
2, As a prelude to said ORDER, Counsel hand.delivered a letter dated 25 January 1994 to the
Honorable Harold E, Sheely setting forth the historical background and practical realities of the
administration of the said Estate in a digested form, (A true and correct copy of the said letter is attached
hereto for the Court's convenience as Exhibit B,)
3, On or about May 5, 1994, Counsel presented a PETITION FOR APPOINTMENT OF GUARDIAN
AND TRUSTEE AD LITEM IN ACCORDANCE WITH 20 Pa,C,S,A, Sect. 751 (5), (A true and correct copy
of said PETITION without the attachment of its several exhibits is attached hereto for the Court's
convenience as Exhibit C,)
4, Subsequently, on May 12, 1994, after consideration of said PETITION FOR
APPOINTMENT, Ihe Honorable Harold E, Sheely appointed Dawn S, SundaYI Esquire, of Mechanicsburg,
as "guardian and trustee ad litem (or the unnamed remaindermen and heirs of J. Howard Swartz with
authority to represantlhem In 811 matters pertaining to the PETITION FOR COURT PERMISSION AND
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APPROVAL TO DIVERSIFY INVESTMENTS." (A true and correct copy of said appointment Is attached
hereto for the Court's convenience as Exhibit D,)
5. Accordingly, on November 23,1994, the above-mentioned PETITION FOR COURT PERMISSION
AND APPROVAL TO DIVERSIFY INVESTMENTS was presented to the Honorable Harold E, Sheely, (A
true and correct copy of the said PETITION Is attached hereto for the Court's convenience as Exhibit E,
6, Said PETITION sets forth Iherein at large in numbered paragraphs the history of the estate's
administration and the various proceedings in which It has been involved, The following paragraphs within
this Instant PETITION provide updated Information and some additional Items of information that will prove
relevant to the Court's analysis and decision-making processes,
7, James H, Best, the then Trust Officer for PNC Bank, is now deceased. The current Trust Officer
repressntlng PNC Bank is Robert Alltmore of Its Pittsburgh Office,
8, Eugene A. Burnett is now deceased, passing away on June 141 1995, He is survived by his natural
daughter, Ann Burnett, and two sons, named Eugene Alexander Burnett, III and Earl Frederick Burnett,
The said two (2) sons have been and are still happy and content to have Ann Burnett represent their
Interests in this PETITION,
9, Edith Forney Cameron, one of the life tenants, is also now deceased, Her sister, Blanche Forney
Rogers, however, survives,
10, Dawn S, Sunday, guardian and trustee ad IlIem for unnamed remaindermen and heirs, has an
appointment for all matters related to the original PETITION to diversify which was not and is not limited by
time, She is willing to and still serves as such guardian and trustee ad litem.
11. The Trustee entered upon a phased sale and diversification plan which resulted in a series of sales
and purchases which are shown more fully at large in that certain spread sheet attached hereto and
incorporated herein, designated as Exhibit F,
12. Trustee, despite carrying out the above transactions, is currently holding eight hundred eighty-four
(884) shares of PNC common stock, The market value of these shares as of January 25, 2005, was forty-
six thousand nine hundred sixty-six and 00/100 ($46,966.00) dollars, In addition, as of January 25, 2005,
they were yielding three and sAventy-six one hundredths (3.76) percent per annum,
13, Trustee conlinues to believe that It is a prudent and proper objective to continue to restnlcture the
trust account In consonance with the original proposals as set forth more fully at large in the initial
PETITION to diversify.