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Powell Goldstein
and Michael White Associates Form Alliance to Help Community Banks
Build Effective Insurance Programs
May 28, 2002
- Michael White Associates, LLC (MWA), a leading bank insurance consultancy, and the Financial Institutions Group of the law firm Powell Goldstein LLP
(POGO), today announced the formation of a program to help community banks investigate, initiate or expand insurance sales programs on sound and profitable bases. The program integrates the bank insurance consulting products and services of Michael White Associates with the legal, regulatory and financial institution and insurance compliance experience of
POGO.
"MWA's alliance with
POGO enables both firms to provide a complete implementation service for community banks needing strategic insight, business experience and specialized legal assistance in bank insurance," says Michael White, MWA chairman and CEO.
"POGO provides legal advice and documentation for every facet of unique bank insurance programs, from board-of-director resolutions to agency articles of incorporation and licensing, joint marketing and third-party services agreements between banks and unaffiliated agencies, letters of intent to purchase agencies, purchase agreements, employment contracts, and employee incentive and compensation agreements. Together,
POGO and MWA present a comprehensive package of bank insurance knowledge for banks entering the insurance marketplace or seeking to improve existing insurance sales programs."
"Michael White is widely recognized as a leading pioneer and long-time advocate of bank insurance activities," says Len Rubin, Washington partner in the Financial Institutions Group of
POGO and general counsel of the Independent Community Bankers of America (ICBA). "With his impartial advice, financial analyses, many electronic tools, and experience managing major sales programs at E.F. Hutton and Security Pacific in the 1980s, MWA has, for over a decade, been helping banks select the right insurance strategies and avoid the wrong ones.
POGO views this program as a wonderful opportunity to augment the legal and financial institution regulatory advice we offer our clients with MWA's strategic and practical business expertise in the bank insurance marketplace."
MWA's alliance with
POGO enables
both firms to provide a complete implementation service for community banks needing strategic insight,
business experience and specialized legal assistance in bank insurance.
MWA assists banks in conducting economic-opportunity assessments for selling insurance, strategic planning, conducting third-party due diligence, appraising agencies for acquisition, and developing and implementing insurance sales programs. With its flagship eEconomic Assessment Report™
(eEAR™), MWA quickly and cost-effectively helps bankers discover their realistic potential insurance revenue by identifying those insurance lines and market-entry methods that will best serve their customers and maximize insurance profits.
POGO
provides advice and guidance on financial holding companies (FHCs) and financial subsidiaries of state-chartered and national banks; licensing insurance agencies; financial institution supervision, regulation and compliance in insurance program activities; state insurance laws and regulations; federal and state consumer protection and privacy laws; and insurance agency acquisitions.
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Powell Goldstein, LLP
(POGO), is a full service law firm of over 300 attorneys, with offices in Atlanta and Washington, DC. The Financial Institutions Group represents hundreds of community banks nationwide in all matters related to financial institution organization, regulation, compliance and enforcement. For more information, visit
www.pogolaw.com.
Michael White Associates, LLC
(MWA) offers products and services that enable banks and thrifts to implement successful insurance programs that generate substantial fee income for clients and benefit their customers. MWA also provides research and expert testimony services to the banking and insurance industries. MWA is headquartered in Radnor, PA, and online at
www.BankInsurance.com.
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