News Release - January 3, 2018
Cindy Gentilcore | 443.837.1602 | firstname.lastname@example.org
ANNAPOLIS, MD (January 3, 2018). The Maryland Bankers Association (MBA) is pleased to announce that Calvin B. Taylor Bank (Taylor Bank) of Berlin, Maryland has joined the MBA Benefits Alliance. This bank is the latest MBA member to embrace the health care self-funding structure of MBA Benefits Alliance.
MBA Benefits Alliance, created by the Maryland Bankers Association and MBA Solutions, 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 $500 million Taylor Bank is the sixth bank in Maryland to embrace the health care self-funding solution, which 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.
“Calvin B. Taylor Bank is delighted to join the MBA Benefits Alliance. After careful consideration of our health insurance renewal options for 2018 and beyond, we concluded that partnering with the MBA and L.R. Webber Associates was the right choice for the bank and our valued employees. We were drawn to L.R. Webber Associates due to our ability to maintain our existing plan design, while improving employee benefits such as the quality of the Cigna network, improved claims processing, and enhanced online access to claims and other information,” said Ray Thompson, President and CEO of Calvin B. Taylor Bank.
“We are thrilled with the enthusiastic entry of Taylor Bank in the MBA Benefits Alliance,” said Kathleen Murphy, President and CEO of the Maryland Bankers Association. “Having been partially self-funded previously, Taylor Bank sees the power, economies of scale, protection and depth of services that are possible by teaming up with MBA Benefits Alliance and working with other banks. The MBA Benefits Alliance also enables member banks to maintain their individual autonomy by designing and offering their employees the programs that best suit their needs. Coupled with wellness programs and state-of-the-art data analytics, the MBA Benefits Alliance is designed to help our members control the rising cost of health insurance while building a healthier workforce.”
The MBA Benefits Alliance “formula” is working, with member banks having seen a decline in their costs each year since joining and, for 2018, the banks’ premium increase is zero.
MBA Benefits Alliance members thus far:
- Calvin B. Taylor Bank
- Community Bank of the Chesapeake
- First United Bank & Trust
- Middletown Valley Bank
- Old Line Bank
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 97% of the FDIC insured deposits in Maryland in nearly 1,600 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 and services to members and as a promoter of financial education in the community.