Nikki Kook- Marketing and New Business Coordinator Longevity and insurance. What do these have in common? Although technological and medical advances are wonderful and give us more time with our loved ones, it is leaving many people financially unstable after retirement. In addition, the average retirement age is becoming later and later, and many people’s… Read more »
Life Insurance as a Corporate Financing Tool
R. David Fritz, Jr., CLU Much of my experience with life insurance has centered on its use in business situations. In the business context, life insurance is traditionally associated with key person coverage, debt replacement and employee benefits. With the current economy, a new role emerged for life insurance—a tool in corporate finance. Corporate finance… Read more »
Third-Party Vendor Best Practices
Nikki Kook- Marketing and New Business Coordinator According to the OCC, a third-party relationship is defined as “any business arrangement between a bank and another entity, by contract or otherwise.”The OCC Bulletin 2013-29 recommends a community bank’s board and management should ensure risk management practices are in place throughout the relationship’s life cycle. The level… Read more »
Succession Planning for Family-Owned Banks and Businesses
You are gone tomorrow. What happens to the business you poured years of blood, sweat and countless sleepless nights into? Will your family take it over? Is there an outside buyer for the business? What income will your loved ones use to survive? These are questions the people you care about will ask if you… Read more »
Banking Compensation and Nonqualified Benefit Plan Study
Executive Benefits Network is pleased to present our first benefit plan study. This study provides useful information to the banking community and reflects common market practices pertaining to Executive Benefit Plans. Using Executive Benefits Network’s database of 111 current clients, focused mainly on Banks in the Midwest region, Executive Benefits Network compiled, analyzed and organized… Read more »
Tax Effects on BOLI & Nonqualified Plans in Bank Mergers & Acquisitions
R. David Fritz Jr., CLU- Managing Partner and Patric J. Marget, JD, CPA, CFP, CLU- Managing Director, Executive Benefits Network; Melaine D. Brandt, CPA- Partner, Wipfli, LLP Summary We have not seen the bombardment of mergers that was predicted quite yet. It seems that small banks with under $250 million in assets will be the… Read more »