ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Reinsurance Declares Sixth Consecutive Dividend
Washington, D.C. (June 26, 2008)—ICBA Reinsurance, the credit life insurance company of Independent Community Bankers of America (ICBA), the nation's largest banking trade organization, has declared its sixth consecutive dividend.
The $125,000 dividend, which represents 13.1 percent of the shareholders' earned surplus, will be distributed to shareholders that posted positive underwriting results for 2007. Over 80 percent of the program's participants qualified to receive a dividend.
"ICBA Reinsurance was created to give community banks access to additional revenue beyond the standard commission income most banks earn while giving them additional products to better serve their customers and compete in the marketplace," said Stephen A. Ello, ICBA Reinsurance president and CEO. "This dividend once again confirms that we're successfully achieving our goals of supporting our member community banks."
"Prior to ICBA Reinsurance, many community banks did not have access to the same captive reinsurance company profit opportunities larger banks have enjoyed for years," said Steve Stenehjem, ICBA Reinsurance chairman and chairman of First International Bank and Trust, Watford City, N.D. "Today every community bank can offer their customers first rate credit life and disability insurance products through the ICBA Reinsurance program and receive additional tax-advantaged dividend income."
ICBA Reinsurance participants have access to credit life and disability insurance products to meet virtually any borrowing need from two highly-rated, nationally known and respected insurance companies. Program participants earn commission income and have the opportunity to share in insurance underwriting earnings and investment income on their premium reserves. ICBA Reinsurance participating banks have shared over three quarters of a million dollars in dividends in the last six years. ICBA Reinsurance has paid $11.3 million in commission income since the program's inception.
Learn more about ICBA and ICBA Reinsurance at www.icba.org.