WASHINGTON BANKERS ENDORSES KEYSTATE’S BANK CAPTIVE PROGRAM

SEATTLE, WA. (September 2015) Washington’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 Washington Bankers Association (WBA).

 

Washington banks with over $1 billion in assets will have the opportunity to form their own captive insurance company through KeyState’s 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 manages a greatly beneficial and effective captive program,” says James Pischue, President and CEO of the WBA. “We are confident that the program will be valuable to all Washington banks that are qualified to implement it.”  

 

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

 

 

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About Washington Bankers Association

More than 97 percent of all commercial bank deposits in the state of Washington are held in Washington Bankers Association (WBA) member banks. The WBA represents commercial banks operating in every county of the state, ranging in size from large multi-state financial institutions to smaller, family-owned and community-based banks. Learn more about the WBA at www.wabankers.com or call 206-447-1700.

 

 

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.