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Partners List > Financial & Capital Markets Solutions > Bank Owned Life Insurance
Articles Press Releases
On December 7, 2004 the Office of the Comptroller of Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) released a joint statement providing revised guidelines for banks and savings institutions as it relates to the implementation of Bank-Owned Life Insurance (BOLI). OCC 2004-56 provides greater clarity of the supervisory expectation of a BOLI transaction. You can read the bulletin at www.occ.gov/ftp/bulletin/2004-56.doc.
Community Banks now have access to a superior investment opportunity historically available only to larger banks. In response to a member requests, ACB Business Partners has aligned with Meyer-Chatfield to offer optimally structured Bank Owned Life Insurance (BOLI) programs for community banks. Meyer-Chatfield provides BOLI consultative services specially designed for community banks, with significant member advantages.
BOLI is an investment that offers you a unique combination of investment return and stability. A properly structured BOLI plan is an attractive financial strategy for community banks. It can be used as a financing vehicle to offset benefit costs. BOLI policies are recorded as an asset a bank’s balance sheet and can generate large returns because cash value grows tax-deferred and death benefits are tax-free.
Meyer-Chatfield specializes in the BOLI transaction and has a long history of helping community banks realize the full potential of this asset as a part of the bank’s overall portfolio. Additionally, Meyer-Chatfield’s team of experts provides individual counsel and education to each bank client on regulatory requirements. Meyer-Chatfield only offers “key man insurance” for Directors and Officers of a bank, and all policies in this program will require the consent of individual employees.
The ACB/Meyer-Chatfield partnership offers customized policies to meet the individual asset/liability mix, risk profile and benefit needs of your bank. The Meyer-Chatfield team provides you with the information, expertise, and implementation capabilities you need to take full advantage of the BOLI investment opportunity.
ACB Member Benefits Include:
- Personal, consultative services
- Dedicated education resources
- Guidance on meeting regulatory requirements
- Pricing Enhancements
- Access to a broad selection of highly rated insurance carriers
- Specially designed products
- Choice of investment options
- Explanation of BOLI and benefits interaction
- Services from a regulatory attorney at reduced fees
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MEYER-CHATFIELD PRESS RELEASES
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7/30/2003
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America’s Community Bankers Endorses
Bank Owned Life Insurance Program for Community Banks
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