FOR IMMEDIATE RELEASE

For More Information Contact:          

Jenifer Waller, Colorado Bankers Association, (303)-825-1575 jenifer@coloradobankers.org

Josh Miller, KeyState Companies, (702) 598-3738 jmiller@key-state.com

 

Colorado Bankers Association endorses KeyState’s Bank Captive Program

 

DENVER, CO. (February 2016) The Colorado Bankers Association’s Insurance and Services, Inc. has voted to endorse KeyState’s Bank Captive Program.  Colorado Bankers is one of twenty state banking associations to endorse this fast growing program.

 

Colorado 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.

 

“We look forward to sharing this unique program with our member banks, it has been very successful in other states and we look forward to replicating that success here in Colorado” said Jenifer Waller, CBA Senior Vice President. 

 

KeyState’s program was established in December 2012 and since has been implemented by over 40 banks in 13 states and 7 fed districts.  The program is the largest bank captive program in the country. 

 

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About Colorado Bankers Association

The Colorado Bankers Association represents more than 90 percent of the $115 billion in assets within the 152 banks operating in Colorado. On behalf of the 23,000 men and women who work within a regulated, traditional Colorado bank, CBA works with government to continually improve the banking industry in this rapidly changing environment. CBA focuses on improvements that increase benefits for customers, value for shareholders, and a stronger business climate for our local economies. CBA also provides industry-specific information and education to bankers, offers bank insurance, acts as a partner between bankers and servicers, and provides other miscellaneous services. Learn more about the CBA at http://www.coloradobankers.org/ or call (303)-825-1575.

 

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.