ICBA News Release
FOR IMMEDIATE RELEASE
ICBA / St. Paul Travelers Program Pays Second Highest Dividend to ICBA Member Policyholders
Washington, D.C., (January 10, 2007)—The Independent Community Bankers of America (ICBA) today announced that 936 member banks will share a $3.15 million policyholder dividend as part of their participation in the ICBA/St. Paul Travelers Insurance Program with SelectOneSM. The dividend is the second highest paid in the program's history.
"ICBA is delighted to offer a program that has provided tremendous value to its member banks for nearly three decades," said Camden R. Fine ICBA president and CEO. "We pride ourselves on partnering with companies like St. Paul Travelers to offer top flight products and services to community banks."
The 12.9 percent dividend, which applies to property and casualty coverage, is the result of ICBA member banks reducing insurance claims by managing various insurance exposures in the workplace. The dividend is just one feature of the ICBA/St. Paul Travelers Insurance Program with SelectOneSM which is offered to members through independent insurance agents that represent St. Paul Travelers.
"We are pleased to share the second highest dividend in the program's 24 years," said Gary Erickson, vice president of financial institutions for St. Paul Travelers. "This insurance program has generated nearly $19 million in dividends to ICBA members since its inception in 1983."
"This dividend is another example of the tremendous benefits that accrue to community banks when they use ICBA's preferred services," said Jim Goetz, chairman of the ICBA Bank Services Committee and chairman and CEO of Security First Bank of North Dakota. "Member banks enjoy the reassurance of using top-notch service providers like St. Paul Travelers while enjoying exclusive membership benefits. In my bank's case, the dividend is significantly more than our membership dues."
The ICBA/St. Paul Travelers Insurance Program with SelectOneSM features the following coverage options: directors and officers liability, bond, banker professional liability, kidnap and ransom, fiduciary liability, employment practices liability, lender liability, trust errors and omissions liability, Internet liability, general liability, property, workers compensation and auto liability. Currently, close to 2,000 ICBA members purchase one or more of these products through St. Paul Travelers.
ICBA members eligible for the dividend should receive a check from their independent agent in early 2007.
About St. Paul Travelers
St. Paul Travelers is a leading provider of property casualty insurance. For more information, visit www.stpaultravelers.com.