The Independent Community Bankers of America (ICBA) has announced that the Travelers ICBA insurance program will distribute its 23rd consecutive dividend to participants in the Policyholder Safety Group Dividend plan. This brings the total amount distributed since the program's inception to nearly $85 million. Nearly 1,100 community banks across the United States will benefit from this year's dividend based on their involvement in the program during 2023.
Adam Mahone, Senior Vice President of ICBA Innovation, stated, "As an ICBA Preferred Service Provider, Travelers consistently delivers outstanding value to our members by helping them protect their investments. The program’s continued success underscores its vital role in helping community banks manage risk and safeguard their financial stability, enabling them to focus on their mission of serving customers and strengthening communities."
Since its launch, the Travelers ICBA insurance program has provided support to thousands of community banks through a range of insurance products. These include property, general liability, auto, workers' compensation, crime, cyber risks, fiduciary liability, employment practices liability, bankers’ professional liability, and directors’ and officers’ liability. The financial strength of Travelers combined with its team of industry experts ensures comprehensive protection for these banks.
Camie Snell, vice president of financial institutions at Travelers said: “Supporting community banks in managing their insurance needs is fundamental to our work. This relationship with ICBA highlights our shared commitment to the success of community banks which are vital in fostering small businesses and boosting local economies across the nation. We are proud to collaborate on this significant program.”
The ICBA is committed to creating an environment where community banks can thrive through advocacy, education and innovation. Community banks use a relationship-based business model along with innovative offerings to channel deposits into local neighborhoods which creates jobs and fosters economic prosperity.