(December 30, 2013). The Maryland Bankers Association
(MBA) is pleased to announce the first banks to join the MBA Benefits Alliance
, a non-stock corporation formed in 2013 to provide a high quality, competitive, self-funded health care program for MBA member banks and their employees.
The $1.3 billion First United Bank and Trust
of Oakland and the $1.2 billion Old Line Bank
of Bowie are the first MBA members to embrace the health care self-funding structure created by the Maryland Bankers Association and Maryland Bank Services, Inc.
in conjunction with L.R. Webber Associates, Inc.
(LRW). The MBA Benefits Alliance provides a solution to one of our members’ greatest concerns – the rising cost of health insurance. Other member banks have indicated their plans to enter the Alliance during their 2014 health care renewal period.
MBA Benefits Alliance provides MBA member banks the ability to offer an attractive employee benefit and more closely control their health insurance costs, while providing flexibility, support and service.
William B. Grant
, Chairman and CEO, First United Bank and Trust said: “First United is very pleased to be among the founding members of the MBA Benefits Alliance. Like our customers, we value loyalty and long-term relationships. We have been affiliated with L.R. Webber Associates, Inc. for decades. We attribute much of our health care cost savings and proactive decision-making to their advice and guidance. Best of all we know that they are there consistently when our employees have a need. And now with the opportunity to join other banks to enhance our savings through both pooled claims history for stop loss coverage and streamlining administrative expenses, it was an easy decision for us to participate. We commend the MBA on sponsoring this opportunity and look forward to more of our fellow bankers joining us in this collaborative effort.”
“Old Line Bank has historically endeavored to provide employees with a comprehensive benefits package that provides both value and economy. As health care costs continue to rise, we were extremely pleased to have the opportunity to join the MBA Benefits Alliance. We believe this relationship will provide us with the flexibility to design plans that fit our employees’ unique health care needs”, said James W. Cornelsen
, President & CEO, Old Line Bank.
“We are thrilled with the enthusiastic entry of these two banks in the MBA Benefits Alliance,” said Kathleen M. Murphy
, President and CEO of the Maryland Bankers Association. “Through their leadership, they see the power of working with other banks yet also maintaining their individual autonomy by designing and offering their employees the programs that best suit their needs. Coupled with wellness programs, the MBA Benefits Alliance is designed to help our members control the rising cost of health insurance while building a healthier workforce.”
For more information on Maryland Bankers Association and MBA Benefits Alliance, visit MBA's website