NAMIC Federal Bank Charter Okayed
Friday, February 18th, 2000 Life & HealthAssurance Partners Bancorp, a bank holding company affiliated with the National Association of Mutual Insurance Companies (NAMIC), this week received its regulatory approval to open a federal thrift. The charter was approved by the Office of Thrift Supervision (OTS), the federal agency that regulates the thrift industry. The bank will be called Assurance Partners Bank, a name NAMIC says conveys the linkage of insurance and banking products, and the plan to form a bank to support financial product distribution through multiple insurance companies and their independent agency force. The insurer group says the new bank will be unique as it was created through the trade association and a consortium of 262 insurance companies in 35 states and two Canadian provinces that invested in the enterprise. Its products and services will be marketed through investor companies and their independent insurance agents, beginning in Indiana and eventually reaching across the country.
