ICBA News Release
FOR IMMEDIATE RELEASE
ICBA/Travelers Program Pays Policyholder Dividend to Participating ICBA Member Banks
Washington, D.C. (Dec. 3, 2013)—The Independent Community Bankers of America® (ICBA) today announced that more than 1,200 member community banks will share a $2.3 million policyholder dividend resulting from their group experience in the Travelers SelectOne® ICBA insurance program during the 2012 program year. It is the 12th consecutive dividend that participating member banks have received through the program.
“ICBA is pleased to join with Travelers to create the opportunity to earn a dividend, allowing banks to further reinvest in their local communities,” said Dan Clancy, ICBA executive vice president of services. “The support Travelers offers to banks investing in their communities adds further value to the robust Travelers SelectOne ICBA insurance program, which provides resources to help community banks manage their risk.”
Chuck Johnston, president/CEO of the North Valley Bank, Thornton, Colo., and a member of the ICBA Bank Services Committee, appreciates the benefits of the program. “Throughout our relationship with Travelers, we have received exceptional customer support and appreciate the additional value offered by ICBA and Travelers together,” he said. “We highly anticipate our participation in the Travelers SelectOne ICBA insurance program for years to come.”
“Travelers continues to enjoy a strong relationship with the ICBA and its member banks,” said Gary Erickson, vice president of financial institutions at Travelers. “Purchasing insurance is a major decision, and partnering with banks of the quality of ICBA members has been beneficial for all. We are proud that our relationship has lasted for over 30 years and has generated more than $43 million in policyholder dividends.”
This year, ICBA and Travelers continue to celebrate the 30th anniversary of Travelers SelectOne ICBA insurance program. The dividend rewards ICBA members for successfully managing their insurance exposures, thereby reducing claims and earning this additional benefit. The dividend applies to property and casualty coverage through the SelectOne program and rewards efforts by participating ICBA member banks to manage insurance exposures in the workplace and reduce insurance claims.
In addition to the ICBA member group purchasing power and dividend potential, community banks receive access to the Travelers network of agents and brokers. ICBA provides community bank programs including educational industry resources such as risk management articles and publications.
The Travelers SelectOne ICBA insurance program offers an extensive selection of products to cover the risks community banks could face. The program features the following coverage options: directors and officers liability, financial institution bonds, bankers professional liability, kidnap and ransom, fiduciary liability, employment practices liability, lender liability, trust errors and omissions liability, cyber liability, computer property protection, identity fraud expense reimbursement, general liability, excess depository bonds, property, workers compensation and auto liability.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.