ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release July 30, 2003 #03-28
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS ENDORSES BANK OWNED LIFE INSURANCE PROGRAM FOR COMMUNITY BANKS

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WASHINGTON, D.C. — America’s Community Bankers announced its endorsement today of a bank owned life insurance program that will enhance the financial competitiveness of community banks. The program is being offered through Meyer-Chatfield Corp., headquartered in Jenkintown, Pa., a company that consults exclusively with financial institutions on BOLI products.

The program will be available through ACB Business Partners, will be exclusive to ACB members and will feature significant member advantages.

Diane Casey-Landry, ACB president and CEO, said: “Meyer-Chatfield’s industry expertise and close working relationships with the banking regulators, coupled with a focused and personalized process for educating bankers on the benefits of BOLI, exemplifies the best-in-class qualities we value in our partnerships.”

“We are not only excited but proud to have been chosen as ACB’s endorsed BOLI partner after an extensive evaluation process,” said Bennett S. Meyer, Meyer-Chatfield CEO. “Because of the unique relationship between ACB, ACB Business Partners and its members, we view this as a valuable opportunity for Meyer-Chatfield to help ACB members understand and utilize the BOLI asset.”

“During our evaluation process, we learned that many of our member banks had questions concerning bank owned life insurance,” said Helen N. Sullivan, senior vice president for financial/capital markets solutions of ACB Business Partners. “We are confident that this alliance will give our members the guidance to evaluate and implement a BOLI program to meet the needs of their institutions.”

Sullivan explained that BOLI is more than just insurance for key bank employees; it’s an asset on a bank’s balance sheet and the revenue it generates is recorded as other income. A properly structured BOLI plan is an attractive financial strategy for community banks because its cash value grows tax-deferred and the death benefits are tax-free, she said.

Meyer-Chatfield will offer ACB members customized BOLI policies to meet an individual bank’s asset/liability mix, risk profile and benefits needs. The company will provide a members-only website to answer members’ questions and to provide expert educational support to help members work through the regulatory requirements associated with BOLI.

For further information, contact Helen Sullivan at (202) 857-3157 or [email protected].

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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