Ask familys is a global Christian ministry that helps build thriving marriages that reflect God’s design, and equips parents to raise their children according to morals and values grounded in biblical principles.InsurBanc is the federal savings bank developed jointly by the Independent Insurance Agents & Brokers of America (IIABA) and the W.R. Berkley Corporation to serve independent agents and brokers as well as their clients. InsurBanc opened April 30, 2001.
On its fourth anniversary, InsurBanc has more than $47 million in deposits and $85 million in assets, including the investment of nearly $47 million in agency-related loans. The bank currently has customers in 40 states and expects to reach 50 by years end, according to Richard W. Davis, InsurBanc Chairman of the Board.
Its been a very strong and productive year for InsurBanc," said Davis. We reached a milestone when we became profitable last year. We continue to develop and enhance our financial products and services in response to the needs of agents to help them grow, remain independent and increase their operational efficiencies."
An example of InsurBancs service enhancements is the recent expansion of its network of national commercial deposit points. Independent Agents whose banking relationships are with InsurBanc can now make convenient, in-branch commercial deposits at more than 12,000 branch locations across the country. This arrangement allows agencies to make commercial deposits locally with their funds being credited to their InsurBanc accounts.
In addition to providing agencies with commercial deposit products what remains unique, according to Robert J. Pettinicchi, Executive Vice President, is that unlike other lending institutions, InsurBanc is a place where agents can go for financial services from an institution that understands their business.
"We are the only bank lending operation where our core competency is to lend money to independent agents," said Mr. Pettinicchi. "That is something we do more of and better than anybody."
Headquartered in Farmington, Conn., InsurBanc is the operating subsidiary of Peyton Street Independent Financial Services Corporation, a thrift holding company jointly owned by IIABA and W.R. Berkley Corp. and its subsidiaries. Organized in 2001, InsurBanc is a federal savings bank, the deposits of which are insured to applicable limits by the Federal Deposit Insurance Corporation (FDIC). Web address: www.insurbanc.com
Founded in 1896, IIABA is the nation's oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance-property, casualty, life and health-as well as employee benefit plans and retirement products. Web address: www.independentagent.com.
Founded in 1967, W. R. Berkley Corporation (NYSE: BER) is an insurance holding company which operates in five segments of the property and casualty insurance business: specialty insurance, alternative markets, reinsurance, regional property casualty insurance, and international.
Author Information
Gary Griffin
InsurBanc
