Title insurance represents a profitable fee income
opportunity and through a very reasonable investment in a multiple
bank-owned agency, NYBA members can capitalize on the economies of
scale it affords.
For
just
three
years,
two
upstate
multiple-bank-owned
agencies
have
thrived,
selling
over
$8
million
in
title
insurance.
the 35
owner
banks
have
received
over
$1.7
million
in
cash
distributions
since
inception
and
2003
year-to-date
sales
are up
89%
over
2002
(as of
June
2003).
Participation
in
these
agencies
is
open
to all
New
York
State
banks.
NYBA is working with Investors Title Insurance Company, which has
successfully set up 29 of these agencies, owned by 300 banks in
eight states. We encourage you to call Sue Stone,
Senior Vice President,
NYBA, at 1-800-522-5607, or Tim McLaughlin,
Vice
President
-
Marketing,
Northeast, Northeast Investors
Title Insurance Company, at (585) 586-3322 for more information;
e-mail
tmclaugh@invtitle.com, or visit their website at
www.invtitle.com
