Shelter Insurance in Columbia, Mo., is the latest insurance company to chart an exit out of banking. Perhaps not surprisingly, the insurer is blaming the Dodd-Frank Act.
The insurer has agreed to sell $26 million in deposits and $16 million in loans to the $10.2 billion-asset Central Bancompany in Jefferson City, Mo. The companies did not disclose a price for the transaction. Shelter will pay off its bank's remaining depositors, and continue to service the remaining $137 million of loans.
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