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Member Bank Benefits

Member Benefits There’s so much to gain by becoming a member bank – earning greater revenues and partnering with smart, secure insurance experts are just two. Click to learn more more.

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What is a member bank?

They are banks or affiliates who have contributed and signed the Operating Agreement with Community Financial.

So, how do you become one?

  • 1. Start by contacting Eugene Montgomery, CEO and President of Community Financial.
  • 2. Working together, you will determine the amount of your bank’s investment via an asset-based investment scale.
  • 3. You will then sign an “Operating Agreement of Community Financial Insurance Center, LLC” and pay the initial capital as determined during the assessment.
  • 4. You will then license the insurance entity in order to transact insurance business and/or receive commissions; complete Form 1136B from the Louisiana Department of Insurance, and submit appropriate Department fees. NOTE – at the time of application, at least one of the insurance entity’s officers, partners or employees must hold a license for the same line of authority applied for by the applicant. To get an application, go to www.ldi.state.la.us.
  • 5. You will then sign an Insurance Sub-Producer Agreement.

How solid is Community Financial?

Not only have we expanded our products and services, but also enjoyed the benefits of premium and revenue growth over the last six years.  We’ve consistently doubled the industry average on the number of policies sold, and our retention ratio has averaged in the mid-90s, indicating that customers of our member banks prefer to do business with their local banks. Community Financial was formed for any lawful purpose, which is permissible for national banks, including engaging in the sale of insurance and any related incidental activity that is a lawful activity for which a limited liability company may be formed under the Louisiana Limited Liability Company Law. The Company may also hold an insurance agency license and serve as an insurance agency in accordance with Title 22 of the Louisiana Revised Statutes of 1950.