Academic journal article ABA Banking Journal

Tackling Insurance through Teamwork

Academic journal article ABA Banking Journal

Tackling Insurance through Teamwork

Article excerpt

Does getting involved in new product areas in the wake of the new law seem like trying to chew and digest a five-pound sirloin? Maybe your problem lies in dining by yourself.

In Virginia, a group of about 50 community banks, all under $1 billion in assets, are teaming up to enter the insurance business. The banks--most of which will be trying it out for the first time--are working with the aid of the Virginia Bankers Association.

Here's what the group of banks, all VBA members, have in mind. Having associated under the name "Virginia Bankers Insurance Center," a limited liability company, the group has pooled capital to finance the acquisition of an existing insurance agency. The group, which uses VBA as a management resource, has been searching for the right company and already had several candidates identified by early December. (VBA will not be a financial partner.)

To the participating banks, the acquisition of the agency will represent a twofold opportunity, according to Bruce T. …

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