is to distribute more than $4 million in underwriting profits to 939 customers.

ABPFIC is a mutual reinsurance company for the American Bankers Association sponsored insurance programme.

The customers receiving this dividend will be banks that are members of the association and have been involved in the insurance programme from January 15 this year.

Each will receive a payout of up to $46,000, the amount being based on premiums paid over the past five years on policies that are still in place.

The insurance programme is underwritten by Progressive Casualty Insurance and reinsured by ABPFIC.

Since 1991 approximately $34 million has been distributed by the company to eligible member banks.

The programme provides coverage for directors and officers liability, financial institution bond, trust errors and omissions, employment practices liability, entity errors and omissions and other related coverages.