InsurBanc Marks One-Year Anniversary

InsurBanc, the federal savings bank developed by the Independent Insurance Agents and Brokers of America (IIABA), Alexandria, Va., has celebrated its one-year anniversary. Currently authorized to operate in New Jersey, Connecticut and Massachusetts, InsurBanc had approximately $11 million in deposits and $22 million in assets at the end of April. InsurBanc has trained approximately 250 agents and brokers and signed referral agreements with 100 insurance agencies. The Framington, Conn.-based operation will petition the Office of Thrift Supervision for approval to expand its operations to other states in the near future. The bank offers consumer loans, credit cards, home equity loans, mortgages, CDs and money market funds. For business clients, the bank offers working capital lines of credit, commercial term loans, commercial real estate loans and cash management services.