FOR IMMEDIATE RELEASE
For More Information Contact:
John Ladwig, WBA Employee Benefits Corporation, (608) 441-1213, [email protected]
Josh Miller, KeyState Companies, (702) 598-3738, [email protected]

WBA EMPLOYEE BENEFITS CORPORATION ENDORSES KEYSTATE’S BANK CAPTIVE PROGRAM

MADISON, Wis. (May 2014) Wisconsin’s banks will soon be presented with the benefits of a captive program due to the endorsement of KeyState’s Bank Captive Program by the WBA Employee Benefits Corporation (EBC), a wholly-owned subsidiary of the Wisconsin Bankers Association (WBA).

Wisconsin banks with over $450 million in assets will have the opportunity to form their own captive insurance company to cover risks that are not currently commercially insured and enhance the enterprise risk profile of their bank through KeyState’s Bank Captive Program. If properly structured, the captive can provide a bank with over $380,000 in annual tax benefit.* 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.

“The program is already a proven success,” explained Rose Oswald Poels, WBA president/CEO. “Over 70 percent of Indiana’s eligible banks have already formed their own captive insurance company since the Bank Captive Program was introduced by KeyState, less than two years ago.”

“The benefits are so compelling which is why EBC’s Board voted unanimously to endorse KeyState’s Bank Captive Program and make the captive available to WBA’s members,” added Oswald Poels.

“Implementing the captive caused our bank to look deeper into our commercial insurance program and the wider range of risks that we face as an institution. Of course I’m pleased with the positive impact to consolidated earnings, but I’m also glad that we now have a formal process in place for an independent review of our insurance program,” explained Donna Beilfuss, CFO, First National Bank of Beloit (Beloit, WI).

For over 20 years, KeyState has worked with Wisconsin banks providing Nevada investment subsidiary services and asset liability management (ALM) consulting services and is a respected vendor and partner with over 60 banks.

*Potential savings is an after-expense estimate and will differ based on premiums paid to and claims paid by the captive in a given year.

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About WBA Employee Benefits Corporation

WBA Employee Benefits Corporation (EBC) is a wholly owned subsidiary of the Wisconsin Bankers Association (WBA). Founded in 1982, EBC's primary focus is the administration and marketing of the Wisconsin Bankers Association Insurance Trust (WBAIT), which provides employee benefits coverage to bank members of the WBA and their employees. Learn more about EBC at www.wisbankins.com or call (608) 441-1213.

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 www.key-state.com or call (702) 598-3738.