FOR IMMEDIATE RELEASE
ICBA Members Participating in Insurance Program to Receive $2.2 Million Dividend
Payment Represents Second Largest in Program's 23-year history
Washington, D.C. (December 14, 2005) - The Independent Community Bankers of America (ICBA) announced that more than 800 of its members participating in an ICBA insurance program will receive a combined $2,245,526 dividend, the second largest in the 23-year history of the ICBA/St. Paul Travelers Insurance Program.
"This dividend represents a significant benefit of ICBA membership for service offered and financial return," said Camden R. Fine, president and CEO of ICBA. "The dividend, which is 10.2 percent of the property-casualty premium, is the result of ICBA member banks and their employees managing workplace risk and reducing the potential for insurance claims."
"We're pleased to offer ICBA members such a significant dividend this year," added Gary Erickson, vice president, financial institutions, Minnesota-based St. Paul Travelers. "Since its inception, this insurance program has generated nearly $16 million in dividends to ICBA members."
"There are numerous reasons why this bank is a long-time member of ICBA, including its superb representation of community banks in Washington, D.C.," said Steve Stafford, president and CEO of The First National Bank in Green Forest, Arkansas. "The American Banker newspaper ranked ICBA as the number one most effective in representing community banks. Receiving a dividend check that is more than my annual membership dues payment is icing on the cake."
Besides the property and casualty coverage, the ICBA/St. Paul Travelers Insurance Program with SelectOne® features a comprehensive line of insurance for community banks. About 1,500 ICBA members currently purchase one or more of insurance products through St. Paul Travelers. ICBA members eligible for the dividend will receive a check from their independent agent early next year.
About St. Paul Travelers
St. Paul Travelers is a leading provider of property casualty insurance. For more information, visit www.stpaultravelers.com.