03/07/2023 | Press release | Distributed by Public on 03/07/2023 09:54
Washington, D.C. (March 7, 2023) - The Independent Community Bankers of America (ICBA) today announced the continuation of its long-standing affiliation with the Plateau Group, first established through its partnership with ICBA Reinsurance, as ICBA's newest Preferred Service Provider.
Participating community banks will have an opportunity to invest in Plateau Group's reinsurance company, and gain access to an assortment of payment protection products to insure their bank and their customers against unexpected life events.
"We have worked with the Plateau Group, a highly rated and respected insurance carrier, for years and remain impressed by their quality products and services and steadfast commitment to the community bank market," ICBA Reinsurance President Ron Haynie said. "Through this PSP arrangement our community bank members will continue to have access this important insurance offering that helps safeguard their investment and provides customers with peace of mind in a time of need."
ICBA members who enroll in the program can purchase a share of stock in Plateau's reinsurance company, Westport. As a PSP, Plateau will also provide community banks with preferred pricing and support for available offerings, which include:
Credit life and accident/health insurance-pays borrower debt in the event of death or hospitalization
Liberty Motor Club, which offers roadside assistance and vacation planning discounts
Group mortgage insurance-protects a family home for the life of the borrower's mortgage
Involuntary unemployment insurance-covers loan payments if a borrower's employment ends
GAP insurance-pays the difference between a vehicle's worth and what is outstanding on the loan
Debt protection-offers relief from financial burdens if a protected life event occurs
"Amarillo National Bank has been engaged with Plateau Group for its credit life and disability insurance needs for a number of years with great success," said John T. McElyea, senior vice president at Amarillo National Bank in Amarillo, Texas. "Plateau has been a great partner, providing necessary training and administrative support so we can continue to be a source of support for our customers when needed."
"Plateau Group is honored to be a preferred service provider for ICBA," said David Karr, vice president of marketing. "Whether community banks are looking to meet their performance objectives or safeguard their customers' financial welfare, we're proud to lend our support."
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers' dreams in communities throughout America. For more information, visit ICBA's website at www.icba.org.
About Plateau Group
Located in Crossville Tennessee, The Plateau Group, Inc. is an insurance holding company that specializes in the business of credit insurance and other loan related products for financial institutions, automobile dealers, consumer finance companies and other retail lenders.
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