JENKINTOWN, Pa., Dec. 20, 2010 /PRNewswire/ -- Meyer-Chatfield Corp., an industry leader in Bank Owned Life Insurance (BOLI) strategies, announced today that it has budgeted for staff increases in 2011 to support an increase in new BOLI sales and awarding of servicing agent duties from other BOLI agencies.
Amid times of upheaval in the stability of the banking industry, Meyer-Chatfield has proven their ability to weather the storm by showing a 2010 increase in both new BOLI sales and in securing servicing agent status for existing BOLI sales from other agencies. Consequently, the company is planning to increase its support staff over the course of the next year.
Meyer-Chatfield's most recent addition, Mark Sollenberger, was brought on board in November as a Senior Compensation Consultant for the Compensation Advisors branch of the organization. Mark spent more than 25 years accumulating experience in the banking industry rising to the position of CFO, followed by 8 years working in the financial sector with emphasis in the areas of BOLI and compensation.
Richard Malone, a 28 year veteran of the banking industry, enhances the company with his wealth of both BOLI and COLI experience. Richard has accepted the position of Vice President of Meyer-Chatfield Corporation and began working with them on December 8, 2010.
In an effort to support these sales and management additions, as well as the company's new business, Meyer-Chatfield is seeking to increase their support staff by 30% in 2011. Meyer Chatfield Administrative Services (MCAS), a stand-alone, separately funded administrative unit, was developed at the inception of the company to support all BOLI investments from policy implementation through final claims filing. A portion of each BOLI sale commission and renewal commission is dedicated to MCAS to ensure proper staffing and technological advancement is always available to support policies in force. According to management, the staff increase in this area is intended to provide for servicing for recent sales and acquisitions as well as capacity for growth in the future.
Meyer-Chatfield has been helping banks find innovative and secure BOLI investment strategies since 1992. Meyer-Chatfield is committed to being the BOLI resource for America's financial institutions, offering expert consultations, education and world class service.
SOURCE Meyer-Chatfield Corp.