NEW YORK- Insurance companies continue to get into the banking business-and now so are insurance trade associations. The Office of Thrift Supervision has granted a trade association representing mutual insurance companies permission to open a open a new thrift. The OTS approved a thrift charter sought by the National Association of Mutual Insurance Companies (NAMIC). The thrift, which will go by the name of Assurance Partners Bank, was created with the backing of a consortium of 262 insurance companies in 35 states and two Canadian provinces. Those firms belong to NAMIC, which includes about 1,200 property and casualty insurance companies in more than 40 states, Canada, and Europe. Scheduled to open this June, Assurance Partners plans on offering home equity, automobile, personal, consumer loans, residential first-mortgage loans, and small-business loans. The bank will be open to the general public, but will not offer checking or savings accounts or insurance products.
Insurance association to open thrift
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