NEW YORK - According to a report in the American Banker, banks are feeling the pressure from insurance companies getting into the banking game. The National Association of Mutual Insurance Companies opened Assurance Partners Bank of Camel, Ind., recently. According to the report, the newly formed thrift expects to have $100 million in assets in just a few years. The new thrift has serious capital behind it given that some 262 members of the National Association of Mutual Insurance Companies invested in Assurance Partners Bank. It's not the only thrift started by a network or association of insurance agents and companies. State Farm of Bloomington, Ill.also has one, and the Independent Insurance Agents of America is awaiting thrift approval. The groups are said to have a competitive advantage in that they can utilize their networks of insurance agents to push banking products.
Mutual insurance association launches new thrift
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