FLORIDA BANKERS ENDORSES KEYSTATE’S BANK CAPTIVE PROGRAM – JAN 2015

 



FOR IMMEDIATE RELEASE
For More Information Contact:
Pamela Ricco, Florida Bankers Association, (850) 224-2265, pricco@floridabankers.com
Josh Miller, KeyState Companies, (702) 598-3738, jmiller@key-state.com


Florida Bankers Association endorses KeyState’s Bank Captive Program

TALLAHASSEE, FL. (January 2015) The Florida Bankers Association’s BancServe (FBA) has endorsed KeyState’s Bank Captive Program. Florida is one of nineteen state banking associations that have endorsed KeyState’s Program. One Florida bank is currently participating in the program.

Through the program, banks with over $1 billion in assets will have the opportunity to form their own captive insurance company. 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 allow the bank to take advantage of a significant small business incentive available under a section of the tax code.

“We are very confident in our endorsement of KeyState’s Captive Program. It has been proven very successful in many other states, so we are looking forward to introducing it to more Florida banks in 2016,” says Pamela Ricco, EVP and COO of BancServ, Inc.

The KeyState Captive Program currently has 40 members across 13 states and seven Fed districts. The program launched in December 2012 through a partnership with the Indiana Bankers Association.


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About Florida Bankers Association
Florida Bankers Association serves as the primary resource through which Florida financial service providers work in unity to influence the state and federal legal regulatory environment in which they serve their customers. Further, the mission of the FBA is to help maximize the ability of members to compete effectively and profitably while being a positive influence on the economic wellbeing of all Floridians. Learn more about the FBA at http://www.floridabankers.com/ or call 850-224-2265.

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.