PHILADELPHIA and WASHINGTON, May 28 /PRNewswire/ -- Michael White
Associates, LLC (MWA), a leading bank insurance consultancy, and the Financial
Institutions Group of the law firm Powell Goldstein Frazer & Murphy, LLP
(PGFM), 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 PGFM.
"MWA's alliance with PGFM 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. "PGFM 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, PGFM
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 PGFM 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. PGFM 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 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(TM) (eEAR(TM)),
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.
PGFM 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.
Powell Goldstein Frazer & Murphy, LLP (PGFM), 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 http://www.pgfm.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
http://www.BankInsurance.com .
SOURCE Powell, Goldstein, Frazer & Murphy LLP
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Related links:
http://www.pgfm.com
http://www.BankInsurance.com
CONTACT:
Len Rubin of PGFM, +1-202-624-3925, or
lrubin@pgfm.com; or Hilary Dash of MWA, +1-610-688-8038, or
hdash@BankInsurance.com
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