NEW YORK BANKERS ENDORSES KEYSTATE'S BANK CAPTIVE PROGRAM - JULY 2017
FOR IMMEDIATE RELEASE
For More Information, Contact:
Dan Babb, New York Bankers Association, (212) 297-1689, [email protected]
Hillary Frei, KeyState Companies, (702) 598-3738, [email protected]
New York Bankers Association endorses KeyState’s Bank Captive Program
NEW YORK, NY. (July 2017) The New York Bankers Service Corporation has endorsed KeyState’s Bank Captive Program. New York is one of twenty-six (26) associations, or their for profit subsidiaries, to endorse the program with several others in progress.
New York banks with over $1 billion in assets will have the opportunity to form their own captive insurance company through KeyState’s Bank Captive Program. The captive augments a bank’s commercial policies by covering the existing commercial deductible layers, increasing coverage levels on existing policies (excess layers), and identifying other currently unfunded risks to insure where commercial insurance is not available to the bank. The captive insurance company is implemented by Crowe Horwath LLP, a national CPA firm, and then managed on an ongoing basis by KeyState Captive Management. If properly structured, the captive may also allow the bank to take advantage of a significant small business incentive available under a section of the tax code.
Three New York banks are already participating in the program. “We have participated in KeyState’s Bank Captive Program since 2014. With our captive in place, we have enhanced our risk management processes and enjoyed a meaningful increase to our annual earnings. KeyState handles the management of our captive and is a great partner,” says Don Gibson, President and CEO of the Bank of Greene County.
“KeyState’s Bank Captive Program has an excellent reputation and we are proud to endorse it. We already have three New York Banks participating and we are enthusiastic about bringing this innovative program to more New York banks,” says Dan Babb, SVP of New York Bankers Association.
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About New York Bankers Association
NYBA is comprised of more than 150 community, regional, and money center commercial banks and thrift institutions operating in New York State. NYBA members have aggregate assets in excess of $10 trillion and more than 200,000 New York employees.
About KeyState Companies
Founded in 1990, The KeyState Companies are based in Las Vegas, NV and provide banks with innovative and independent services and expertise in risk management, investments, treasury, regulatory compliance and corporate governance. KeyState is not a broker dealer. Learn more about KeyState Companies at http://www.key-state.com or call (702) 598-3738.