Community banks in Louisiana, Texas, and Missouri and a Tennessee credit union chose its turnkey insurance agency service, the ProfitStars Insurance Agency Solutions Group of Jack Henry & Associates Inc. has announced.
Eagle Bank and Trust Co. in Hillsboro, Mo., picked ProfitStars to support its existing property and casualty insurance agency, the unit of Jack Henry, a Monett, Mo., financial software company, said on June 27. Michael Walsh, Eagle Bank's CEO, said in a press release that its purchase of an agency three years ago had failed to produce the expected cross-sales to retail and commercial customers. He said he concluded that ProfitStars would cost-effectively broaden the bank's product array and supply sales professionals and effective strategies.
Also, on June 22, Jack Henry announced that Red River Bank in Alexandria, La.; First National Bank of Weatherford in Texas; and the CU Community LLC subsidiary of ORNL Federal Credit Union in Oak Ridge, Tenn., had signed contracts with ProfitStars for its outsourced property and casualty insurance agency.
ProfitStars enables financial institutions to own complete insurance agencies without the capital investment required to build or buy an agency or the consequent operational and reputational risks.
