Magazine article Independent Banker

Insuring for Success

Magazine article Independent Banker

Insuring for Success

Article excerpt

Lightning struck Planters and Merchants Bank in Gillett, Ark., twice in 1992, damaging computer equipment each time. But after each blast of nature's fury, Larry Bauer remained confident that his bank wouldn't be disrupted for long. The bank president and CEO says he knew that Planters and Merchants' insurance carrier, St. Paul Fire and Marine Insurance Co., would respond quickly and efficiently.

"The claims were paid right away," Bauer says, recalling that year's double dose of lightning, "so we were able to get on with business."

Since 1983, St. Paul-as IBAA's endorsed insurance carrier-has made community bankers satisfied and profitable customers. And no one is more satisfied than Larry Bauer.

Bauer says he remembers when insurance agent Jim Rogers introduced him to St. Paul. It was 1987. He and Rogers coached summer youth baseball and met during competitionthey hit it off right away. That friendship soon evolved into a strong business relationship.

"Jim and St. Paul have provided us with a wide variety of comprehensive coverages that protect the bank's assets, as well as the personal assets of our directors and officers," Bauer says. "And we have gotten all the coverages we feel we need at a fair price."

Today, St. Paul protects Planters and Merchants, a $22 million-asset bank operating in a small rural farming town, from everyday business risks as well as extraordinary acts of nature. The bank carries St. Paul's complete array of insurance coverages, from directors' and officers' liability insurance to lender liability insurance-all of which are available under the IBAA endorsed program.

"Having all these bases covered makes us feel more secure in today's litigious banking environment," Bauer explains.

Even though Planters and Merchants operates in a small community where everyone trusts and knows each other, Bauer says he appreciates St. …

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