Citizens not banking on insurance

Using June 30, 2005 figures from bank holding companies, Michael White, president of Michael White Associates (www.bankinsurance.com) in Radnor, Pa., shows how relatively little insurance meant to Citizens:

Citizens Financial Group, with assets of $148.5 billion, ranks 21st in the nation in insurance brokerage fee income. Its insurance fee income revenue represented only 3.18 percent of the Citizens’ noninterest income.

In contrast, BancorpSouth Inc. (Miss.), with assets of $10.8 billion, ranked 18th in insurance brokerage fee income. That revenue represented 32.2 percent of BancorpSouth’s noninterest income.

In the Northeast, Webster Financial Corp. (Conn.), with assets of $17.5 billion, ranked 24th in insurance brokerage fee income. That revenue represented 22.2 percent of Webster’s noninterest income.

Also, in the Northeast, Eastern Bank Corporation (Mass.), with assets of $6.2 billion, ranked 27th in insurance brokerage fee income. That revenue represented 41.0 percent of Eastern’s noninterest income.