The state associations have conducted an extensive amount of due diligence regarding these services and various providers and we are excited that they selected Equias Alliance.
Memphis, Tennessee (PRWEB) October 24, 2011
Equias Alliance today announced 10 state associations have selected as the exclusive provider for bank-owned life insurance (BOLI) and executive and director benefits consulting services. The 10 states include the following:
1. Arkansas Bankers Association
2. California Bankers Association
3. Illinois Bankers Association
4. Florida Bankers Association and its subsidiary BancServ
5. Maryland Bank Services, Inc. a wholly-owned for-profit subsidiary of the Maryland Bankers Association
6. Oklahoma Bankers Association and its subsidiary OBA Services Company
7. Pennsylvania Bankers Association Services Corporation (PBASC)
8. South Carolina Bankers Association
9. Tennessee Bankers Association
10. Texas Bankers Association and its subsidiary TBA Services Co
To be selected, companies must meet stringent quality standards, fulfill industry needs, and satisfy certain other key criteria, such as the ability to meet the long term needs of financial institutions, customer service, financial soundness and management strength.
In addition, Equias Alliance was awarded the American Bankers Association (ABA) exclusive endorsement for bank-owned life insurance (BOLI) and executive and director benefits consulting services including:
- Bank-Owned Life Insuance
- Executive and Director Benefit Planning
- Administration of BOLI and/or Executive Benefit Plans
- Risk Assessment Review of BOLI and Executive & Director Benefit Plans
The ABA’s endorsement is awarded by the Corporation for American Banking (CAB), a subsidiary of the ABA, for products and services that help banks improve profitability, operate more efficiently and compete more effectively. The ABA is very selective in the products and services that it endorses. Of the hundreds of vendor endorsement requests it receives each year, it limits its endorsement relationships to those that will best meet the needs of bankers and are approved by its banker only advisory council. Endorsed services are only selected by CAB following a rigorous product evaluation and vendor due-diligence process.
“The state associations have conducted an extensive amount of due diligence regarding these services and various providers and we are excited that they selected Equias Alliance,” said David Shoemaker, President of Equias Alliance.
About Equias Alliance
Equias Alliance delivers nonqualified benefit and BOLI administration and portfolio services to banks across the United States via its team of 15 consultants and 24 support personnel. With some of the most experienced former consultants of Clark Consulting located in 12 regional offices, Equias Alliance offers a near-seamless approach from design to implementation. They have helped nearly 800 banking organizations recruit, retain, and reward executives, directors and employees critical to each bank’s success.
In addition, the company’s in-house service professionals offer practical, hands-on assistance to banks and their professional advisors in responding to auditors and examiners, as well as timely, accurate documentation and regulatory compliance support. The organization’s 39 team members include 8 CPA’s, 2 attorneys, 7 MBA’s, 3 CLU’s, 1 CFP®, 2 ChFC®s, a former bank regulator, several former bankers and bank directors and hold many other degrees and licenses. Equias Alliance can be found on the Internet at equiasalliance.com.
David Shoemaker is a registered representative of and securities offered through ProEquities, Inc., a Registered Broker/Dealer, and member FINRA and SIPC. Equias Alliance LLC is independent of ProEquities, Inc.