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ICBA President & CEO Kenneth A. Guenther (left) shakes hands
with MWA Chairman & CEO Michael D. White (right).
ICBA Partners With Michael White Associates
to Help Community Banks
Augment Bank Insurance Revenues
April 17, 2002
- In 2001, community banks with assets under $1 billion earned an average 26.8 percent of their net operating revenue from noninterest-income sources, while noninterest income for banks with over $10 billion in assets comprised 46.2 percent of revenue. Community banks want to take advantage of opportunities to serve their customers and increase their noninterest fee income, and the Independent Community Bankers of America has responded.
The ICBA has chosen to partner with nationally recognized bank insurance consulting firm, Michael White Associates LLC (MWA) to offer affordable consulting products and services to ICBA members that need assistance in entering the insurance marketplace or improving existing insurance sales programs.
MWA welcomes this vote of confidence and looks forward to working with the ICBA to help its members develop successful bank insurance sales programs, top line revenue and bottom line profits.
MWA assists ICBA members in assessing insurance opportunities, strategic planning, conducting third-party due diligence, appraising agencies for acquisition, developing and implementing programs, and offering compliance guidance. With its flagship eEconomic Assessment Report™ (eEAR™), MWA quickly and cost-effectively helps bankers discover the realistic revenue insurance sales can generate and identify those insurance lines and market-entry methods that will best serve their customers and maximize insurance
profits.
"MWA works to help
the bank, the bank,
and only the bank"
"MWA works to help the bank, the bank, and only the bank. Its guidance is totally impartial," says Jim Goetz, chairman of the ICBA Services Committee and chairman and CEO of Security First Bank of North Dakota. "ICBA's members can trust MWA to help them sort through their insurance-sales options."
"MWA helped us do the right thing and avoid doing the wrong thing," says Larry J. Miller, CEO of PeoplesBank, A Codorus Valley Co. in York, PA. "We had MWA appraise an agency we were considering buying. They advised against it for sound reasons. Guided by the eEAR's findings, MWA recommended that we start with a platform annuity program. In its first year, this program exceeded our goal by 156 percent and contributed over 3 percent to pre-tax net operating income. Second-year sales increased 50 percent. MWA has done an excellent job working with our board of directors, and now we're using Michael's team to expand into life insurance."
Founded by former bank and brokerage executive Michael D. White, who originated the first "life insurance specialist" program at E.F. Hutton in the early 1980s, MWA has been helping banks and thrifts develop successful bank insurance programs for more than a decade. He is "one of the champions in the battle to achieve a market-oriented, level playing field in financial services," says Eugene Ludwig, a former comptroller of the currency.
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ICBA is the primary voice for the nation's community banks, representing 5,000 institutions at nearly 17,000 locations nationwide. Community banks are independently owned and operated and are characterized by attention to customer service, lower fees and small business, agricultural and consumer lending. ICBA's members hold more than $486 billion in insured deposits, $592 billion in assets and more than $355 billion in loans for consumers, small businesses and farms. They employ nearly 239,000 citizens in the communities they serve. For more information, visit
www.icba.org.
Michael White Associates, LLC (MWA) offers products and services that enable banks and insurers to implement successful insurance programs that generate substantial fee income for clients and benefit their customers. MWA also provides research and expert testimony services to the banking and insurance industries. MWA's clients include banks, thrifts, insurance companies, trade associations, insurance agencies, and law firms. MWA is headquartered in Radnor, PA, and online at
www.BankInsurance.com.
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