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ICBA Insurance Enrolls First Agency in New Program

Washington, D.C. (July 28, 2004) - ICBA Insurance Services today announced it has enrolled its first bank insurance agency in its program with Iroquois Group. The First State Agency of Sauk Centre, Minn., which is affiliated with 69-year ICBA member First State Bank of Sauk Centre, became the first agency to join ICBA's newest subsidiary, which was chartered earlier this year.

ICBA Insurance Services, through its strategic alliance with Iroquois Group of Olean, N.Y., provides member banks' property and casualty insurance agencies access to additional P&C carriers with lower volume commitments, competitive commission rates, and profit sharing opportunities.

"The agency is growth oriented, and to achieve this growth we need additional products that currently we don't have access to," said Ron Hinnenkamp, who manages the First State Agency. "Joining the ICBA Insurance Services' program with Iroquois Group will provide the agency access to a broader array of competitive products that will help us to serve consumers and business customers more effectively."

"We are thrilled to have First State Bank's agency be the first to enroll in the program," said Dan Clancy, executive vice president of ICBA Insurance Services. "It's fitting that an ICBA founding institution like First State Bank becomes the first participant. The agency is already positioned for growth, and now will be able to enhance its opportunities by tapping into new products and markets."

"Agencies that perhaps write over half a million dollars in premium, but less than $4 million, often find it difficult to attract the insurance carriers they need to fully serve their customer base," said Clancy.

Greg Chiapuso, executive director of Iroquois Group, stated, "We are extremely pleased to welcome First State Agency of Sauk Centre as we work closely with ICBA Insurance Services to bring expanded access to products to ICBA member agencies in the Midwest."

About The Iroquois Group
The Iroquois Group is the nation's oldest and largest insurance network with more than 1,400 independent insurance agency members in 30 states. Iroquois has been creating productive agency-carrier relationships for over 25 years. For more information, visit www.iroquoisgroup.com.