Washington, D.C. (Dec. 17, 2018)—The Independent Community Bankers of America® (ICBA) announced today that almost 1,300 member banks will share a policyholder dividend totaling nearly $4 million from their participation in the ICBA/Travelers insurance program in 2017. This is the 17th consecutive year that dividends have been distributed to participating ICBA members.
“ICBA helps community banks protect their investment so they can focus on helping their customers build a solid financial future,” ICBA Group Executive Vice President of Member Engagement and Strategy Chris Lorence said. “This program not only helps community banks insure against future losses but offers educational resources, which can help members further manage their risk exposure.”
“We believe that prudent risk management is the key to a successful community bank,” said Richard Ware II, president of Amarillo National Bank in Amarillo, Texas. “We participate in the ICBA/Travelers program because we value their cost-effective risk mitigation and meaningful returns.”
Travelers offers insurance and risk mitigation services to help community banks address a wide variety of areas including property, general liability, auto liability, umbrella, workers’ compensation, mortgage holders’ errors and omissions, directors and officers liability, financial institution bonds, professional liability, kidnap and ransom, fiduciary liability, employment practices liability, lender liability, identity fraud expense reimbursement and cyber liability. Additionally, through Travelers Cyber AcademySM, banks can learn about emerging cyber trends, pertinent cyber issues and prevention tips to help address these risks.
“Travelers has successfully partnered with ICBA for 35 years, delivering more than $60 million in dividend payouts since the program’s inception,” said Laura Lundin, vice president of financial institutions at Travelers. “We’re proud of our long-term relationship with the ICBA and the valuable benefits being provided to community banks.”
For additional information about community banks, visit www.icba.org.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 52,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 760,000 Americans and are the only physical banking presence in one in five U.S. counties. Holding more than $4.9 trillion in assets, $3.9 trillion in deposits, and $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.