Feb 20 - The American Bankers Association has announced that American Bankers Mutual Insurance Ltd. will distribute $1.1 million to be shared by 1,049 ABA member banks insured through ABA Insurance Services.
American Bankers Mutual Insurance Ltd., the reinsurer of the ABA Insurance Services program, has declared distributions to eligible member banks for 23 consecutive years, totaling $77.9 million in distributions since the program’s inception. Banks that purchase their directors and officers, bond and related insurance from ABA Insurance Services and are ABA members are eligible to receive a distribution.
“It is gratifying that ABA Insurance Services, with American Bankers Mutual Insurance standing behind it, continues to be a reliable and affordable source of mission-critical insurance for our community bank members,” said Frank Keating, ABA president and CEO. “The distribution is an appreciated benefit to our participating members, especially in these difficult economic times.”
“After more than 25 years, our program continues to be a strong and stabilizing resource in the community bank insurance market,” said Steve Wilson, chairman of American Bankers Mutual Insurance Ltd. and chairman and CEO, LCNB National Bank in Lebanon, Ohio. “Our program is designed for bankers by bankers. With their expertise and guidance, ABA Insurance Services is able to offer meaningful coverage options for community banks and make program enhancements in a timely manner.”