Congratulations Kevin Kisner for his win at the World Golf Championships-Dell Technologies Match Play!
Kisner takes home the greatest victory of his career, beating Matt Kuchar, 3 and 2, at Austin Country Club in the 2019 Dell Tech Match Play.
All of us at BFS-MC Group would like to thank you for joining us last week in Music City for #ICBALIVE19. We enjoyed catching up with many of you at our booth, and were proud to sponsor ICBA once again this year with our Charity Check Giveaway. This year, Homeland Community Bank in Tennessee will donate our $5,000 check to the Wounded Warrior Foundation. Congratulations Cindy!
For those of you able to attend, we hope you enjoyed our Singer Songwriter Dinner, held at the historic Bell Tower in downtown Nashville. It truly was a sample of Nashville - from the Southern classic menu and the bourbon tastings in the bell tower. And let's not forget the 8' donut wall! Even so, the highlight of the night was listening to the sounds of the incredibly talented songwriters that took the stage. This event was one to remember!
Update and Potential Correction:
On March 22, 2019, the Internal Revenue Service and the Treasury Department issued proposed regulations that potentially provides the needed clarity regarding circumstances in which bank owned life insurance policies are transferred as part of a bank merger or acquisition. In general, the guidance provides that tax-free transfers of policies between C corporations that do not have more than 50 percent of their assets in BOLI policies are not subject to the new reporting and income inclusion rules. This is an important exception and very good news.
All of us at BFS-MC Group would like to thank you for joining us last week in Phoenix for Bank Director's Acquire or Be Acquired Conference. We enjoyed catching up with many of you at our booth, and had an especially good time with all of you who attended our event.
It was our pleasure to mix and mingle with you at our Dinner in the Desert. Whether taking selfies with our beer burro, eating s’mores with your feet up at a fire pit, or chatting in the whiskey saloon with a hand-rolled cigar – we hope to have offered you plenty of ways to kick back and relax.
We value your relationship and look forward to having you at another great event next year!
November 1, 2018 – For immediate release
BANK FINANCIAL SERVICES GROUP AND MEYER CHATFIELD ANNOUNCE MUTUAL COMBINATION NEWTOWN, PA. and JENKINTOWN, PA., NOVEMBER 1, 2018 — The principals of Bank Financial Services Group (BFS Group) and Meyer-Chatfield Group have created a new combined benefit and insurance plan administration and servicing entity, to initially conduct business as BFS-MC Group, and rebrand under a new name in the near future.
Bank Financial Services – Meyer Chatfield Group (BFS-MC Group), will be dedicated to non-qualified benefit plan administration, as the “go-to” firm for unparalleled service and administration of institutionally-owned life insurance and non-qualified benefit plans in the financial institution marketplace. BFS-MC Group will continue to provide administration to the existing plans of BFS Group and Meyer-Chatfield Group clients through their proprietary Multi-Informational Network Tracking System (MINTS) platform. BFS Group and Meyer-Chatfield Group sales organizations will separate from benefit administration to operate independently and continue providing the same services and products to their clients as they have done over the years.
The firm will have more than 750 clients with over 45,000 policies totaling in excess of $11B of cash surrender value. The new organization will consist of 35 corporate employees, located on the 3rd floor of 411 South State Street, Newtown, PA.
William Borchert, CEO of BFS Group said, “Meyer-Chatfield has built a great reputation in compensation strategies since its founding, and as we looked to the future of our clients, partners and firm, we could think of no company more complementary to our own values than Meyer-Chatfield Group.”
“Through this combination, we will administer the most expansive product suite possible in the financial services space,” said Bennett Meyer, CEO of Meyer-Chatfield. “Existing clients will experience a seamless transition while benefitting from MINTS and our joint administrative teams which will allow us to provide optimal servicing, design and analysis.”
“Both companies have built great organizations to serve the financial services industry,” said Daniel Barbaree, President of BFS Group. “It is very exciting that by forming a combined administration entity, we will enhance our level of service and support to the sales teams and their clients.”
The management team will be comprised of executives from both firms and Mr. Barbaree will serve as the President of BFS-MC Group.
Both companies were founded in the 1990s to provide the best solutions and services to improve the earnings of their clients. This mutually beneficial combination allows both companies to continue their commitment to delivering an exceptional client experience and support with a greater depth of expertise and breadth of solutions. BFS-MC Group will continue as the preferred firm for all benefit, compensation, insurance and BOLI needs, administering and servicing customized financial solutions that generate superior results for their clients’ bottom lines.
ABOUT BANK FINANCIAL SERVICES GROUP
Founded in 1998, BFS Group became the leading provider of bank employee benefit plans and bank-owned life insurance (BOLI) in the Northeast after expanding in 2003 by contracting with producers in twelve regional sales offices around the nation. BFS Group furthered commitment to clients by developing a proprietary servicing platform (MINTS) and integrating strategic succession plans. Due to those efforts, we are proudly able to provide a secure and stable long-term support platform. With over 500 clients and $7 billion in assets under management, BFS Group is one of the industry's premier benefits and BOLI firms.
Meyer-Chatfield Group was founded in 1992, and expanded to approximately 250 clients throughout the United States with $4 billion of assets under management. The firm continued to grow, and developed a proprietary Supplemental Executive Retirement Plan (SERP) strategy known as Lifetime Income Non-Qualified Solution (LINQS+).