KeyState Bank Captive Program Earns Endorsements from Four More State Banking Associations





BURLINGTON, VT (March 13, 2023)


Burlington, VT (March 13, 2023) – KeyState’s Bank Captive Program was recently endorsed by four additional state banking associations in Maine, Massachusetts, New Hampshire and Vermont, bringing its state banking association endorsements to 30. More than 100 community banks across the country have joined the KeyState Bank Captive Program since its launch in 2012.

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. Forming a captive allows a bank to formalize its self-insurance program and respond to the hardening commercial insurance market, which is causing banks to accept higher commercial deductibles and more policy exclusions. Captives allow banks to realize efficiencies and savings related to insurance expenses and loss mitigation, and to take advantage of a small business incentive available under a section of the tax code.

“KeyState Captive Management’s Bank Captive Program has been endorsed by dozens of state banking associations across the country and is managed by KeyState’s team of captive insurance professionals based in neighboring Vermont,” said Annie Coldstream, VP of member services and human resources for the Massachusetts Bankers Association. “We are pleased to add KeyState to our list of preferred vendors. Their program will provide MBA member banks with enhanced risk management strategies and meaningful annual savings. I encourage you to reach out to KeyState to see how your bank could benefit from joining its Bank Captive Program.”

Christopher D’Elia, president of the Vermont Bankers Association, stated, “The VBA is pleased to endorse KeyState’s Bank Captive Program. It’s only logical that we endorse the program, given that Vermont is the largest U.S. captive domicile, and KeyState’s Bank Captive Program is managed from its offices in Burlington. The program has proven risk management and cost saving benefits for community banks. In my prior role with the Vermont Economic Development Authority, I have first-hand experience with Vermont’s captive insurance industry. I look forward to introducing the KeyState program to our member banks.”

“KeyState is proud to earn these four new endorsements in New England, and we look forward to introducing this meaningful solution to the state associations’ members,” said Josh Miller, CEO of The KeyState Companies, and David Guerino, SVP & managing director of Captive Insurance, in a joint statement.

For more information about KeyState, please contact David Guerino (802-233-2624) | [email protected].

About the Maine Bankers Association
The Maine Bankers Association represents Maine’s banking industry and its 9,000 employees statewide. Maine’s 29 retail banks operate 454 offices in nearly every community throughout the state, where they assist Maine’s citizens and businesses with financial decisions that improve the quality of life for everyone.

About the Massachusetts Bankers Association
The Massachusetts Bankers Association is a multi-faceted banking trade group that represents about 150 banks all across Massachusetts. These institutions, large and small, are commercial, savings and co-operative banks, federal savings banks, savings and loan institutions, and trust companies in every corner of the Commonwealth, and a few neighboring states. Together, our member banks manage an aggregate $27 trillion in assets under custody.

About the New Hampshire Bankers Association
The New Hampshire Bankers Association is a statewide, not-for-profit, trade association representing and serving all of the banking institutions in the State of New Hampshire whose purpose is to promote the general welfare, usefulness, and public perception of banks and banking institutions to the betterment of New Hampshire, its economy, and all its citizens.

About the Vermont Bankers Association
Created in 1909, the Vermont Bankers Association is a private non-profit organization serving Vermont’s banking community. The VBA’s mission is to promote an environment which fosters a vibrant banking community, thus supporting a prosperous Vermont Economy.

About KeyState
Founded in 1991, The KeyState Companies specialize in providing community banks with independent and innovative investment and insurance structures that meaningfully enhance annual earnings. KeyState manages the only bank captive program in the country, is the country’s largest provider of investment subsidiary management to community banks, and manages a solar tax credit fund platform (SOLCAP) that has invested over $225 million across 53 solar projects since 2020. The KeyState Companies are headquartered in Las Vegas, Nevada, with offices in Wilmington, Delaware and Burlington, Vermont. Please visit


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Media contacts:
David Guerino

KeyState Captive Management, LLC 

(802) 233-2624 

[email protected]

Alan Walker

Walker Solutions, LLC

(770) 715-8465

[email protected]