FOR IMMEDIATE RELEASE

For More Information Contact:  

Joseph Witt, Minnesota Bankers Association, (952) 857-2614 joew@minnbankers.com

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

 

 

Minnesota Bankers Association endorses KeyState’s Bank Captive Program

 

SAINT PAUL, MN. (October 2015) Minnesota’s banks will soon be presented with the benefits of an innovative captive insurance program due to the endorsement of KeyState’s Bank Captive Program by the Minnesota Bankers Association’s Insurance & Services, Inc.

 

Minnesota 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.

 

“KeyState’s Bank Captive Program has an excellent reputation and we are proud to endorse it. We are enthusiastic about bringing this innovative program to Minnesota banks,” says Joseph Witt, President and CEO of the MBA.

 

The KeyState Captive Program has been endorsed by seventeen state banking associations or their for profit subsidiary with several other endorsements in progress.

 

 

###

 

About Minnesota Bankers Association

The mission of the Minnesota Bankers Association is to provide its members the leadership, services, and support necessary to ensure a vital, growing financial industry. Since 1889 the Minnesota Bankers Association (MBA) has been serving Minnesota's banking community.  We are extremely proud of our long history and our close working relationship with our members. Along with the education, legal, legislative, and insurance areas, members receive value added quality products and services to ensure that they receive the most from their membership. Learn more about the MBA at www.minnbankers.com/ or call 952-835-3900.

 

 

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.