This year your association received $23,103.58 in revenue sharing from the ICBA Services Network, plus another $7,500 through sponsorships and advertising. Why is this important for our banks with dual membership in both ICBSD and the national association ICBA? Each dollar that comes in allows your state association to continue to keep dues low and registration fees at events affordable.
ICBA Preferred Service Providers (PSPs) are a select group of service providers to the community banking industry that have earned the ICBA "Stamp of Approval." ICBA Preferred Service Providers are selected by the ICBA Bank Services Committee. The committee, comprised of community bankers, seeks solutions to critical member needs. Service Provider selection criteria includes financial strength, commitment to the community bank market, reference checks with existing community bank customers, and national distribution
Preferred Service Provider Categories include: Insurance, Lending, Compliance & Bank Operations, Funding, Financial Management, Payments.
Earlier this year I was invited, along with other state independent bank association execs, to the headquarters of ICBA Securities in Memphis, TN. As an ICBA Preferred Service Provider, they add value not only to ICBA but to the state associations that support ICBA Securities. The value added is in the form of shared profits; therefore, the more business our membership does with ICBA Securities the more our state association gets in profit sharing. This is not done by adding more to the commission of the member bank, but through shared commissions with the sales reps as they are willing to take less knowing that they have easier access to the bankers as ICBA members.
The important thing to know is that your sales rep must be working for ICBA Securities! I found it interesting that Jim Reber from ICBA Securities reviews every trade that goes through. Their business model is being the only broker/dealer owned by a trade association, thanks to the Vining Sparks arrangement, where they have $90 million in capital, they are committed to returning all profits to the industry. Finally, they follow policies set by a board of community bankers.
For the ICBSD, these Preferred Service Providers not only provide ICBA reviewed and monitored services, but also revenue to your state association. This helps keep your dues low. Please take the time to check out these providers, and if you need contact information, check the ICBA website or call me at 605-996-9329.
McCurry, a native of MN and resident of Mitchell, SD, holds a Bachelor of Arts degree in Communications / Marketing from the Minnesota State University, Mankato. Prior to joining the ICBSD as President and CEO, he directed the marketing, sales and government relations efforts at Santel