Three Additional Banks Join MBA Benefits Alliance:
Community Bank of the Chesapeake, Middletown Valley Bank, and New Windsor State Bank
ANNAPOLIS, MD (December 4, 2014). The Maryland Bankers Association (MBA) is pleased to announce that three additional banks have joined the MBA Benefits Alliance: Community Bank of the Chesapeake, Middletown Valley Bank, and New Windsor State Bank. These banks bring to a total of five banks that have embraced the health care self-funding structure of MBA Benefits Alliance since the launch of the program in August 2013.
MBA Benefits Alliance, created by the Maryland Bankers Association and Maryland Bank Services, Inc., in conjunction with L.R. Webber Associates, Inc. (LRW), is 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 program provides a solution to one of our members’ greatest concerns – the rising cost of health insurance.
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.
“As the cost of healthcare rises, Community Bank of the Chesapeake required an affordable solution that would give us more control over annual increases. In speaking with Maryland Bankers Association, we were pleased to learn about the MBA Benefits Alliance and the self-funded solution. The Alliance enables us to provide a plan that improves flexibility and increases coverage for our employees at a similar price point,” said William Pasenelli, President and CEO of Community Bank of the Chesapeake.
Robert E. “B.J.” Goetz, Jr., President and CEO of Middletown Valley Bank said: “Middletown Valley Bank is excited to be a part of MBA Benefits Alliance. The MBA has worked diligently to find ways for community banks to control expenses and this is a significant step in that direction with the rising health care costs facing our business and employees.”
"As one of the early members, understanding the self-insurance model was a challenge. However, the folks at LRW spent a considerable amount of time helping us to understand the nuances, risks and benefits. They were excellent, patient and very professional to work with. LRW’s staff presentations to our employees truly reflected their knowledge and professionalism. Our employees were excited to hear that LRW’s staff takes care of any questions or billing problems directly with the insurance company for them. We saved money out of the gate and it really kick started our wellness program. I sincerely encourage my colleagues to take advantage of the negotiating power of our industry and participate,” said Tom N. Rasmussen, President and CEO of New Windsor State Bank.
MBA member banks that have joined MBA Benefits Alliance thus far:
- Community Bank of the Chesapeake
- First United Bank & Trust
- Middletown Valley Bank
- New Windsor State Bank
- Old Line Bank
For more information on MBA Benefits Alliance, contact MBA’s Cindy Gentilcore (email@example.com| 443-837-1602); or Booker Moore at L.R. Webber Associates (firstname.lastname@example.org | 814-695-8066); or visit MBA’s website | www.mdbankers.com.
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MBA Benefits Alliance is 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.
Founded in 1896, MBA’s member banks hold 99% of the FDIC insured deposits in Maryland in nearly 1,700 branch offices. MBA serves member banks and thrifts as a legislative and regulatory advocate at all levels of government, as the public relations voice for the industry, as a provider of professional education to members and a promoter of financial education to the community.