InsurBanc has received conditional deposit insurance approval from the Federal Deposit Insurance Corp.
Last November, InsurBanc received conditional approval for a federal thrift charter.
Once all conditions are met InsurBanc will open for business in Massachusetts, Connecticut and New Jersey.
“When InsurBanc opens, many customers of independent agents in Massachusetts, Connecticut and New Jersey will have an alternative for satisfying all their financial needs,” said IIAA CEO Paul A. Equale.
InsurBanc will provide an array of banking products to consumers and businesses through referrals from financial services professionals who are attuned to the significant life and business cycle events of their clients.
Individual consumers will have access to products such as auto loans, credit cards, home equity loans, mortgages, certificates of deposit and money market funds. For business clients, the bank will offer lines of credit, commercial real estate loans, cash management services and other products.
InsurBanc CEO Michael W. Herlihy is building the operation and handling compliance with the criteria in the conditional approvals.
“We are striving to complete the regulatory conditions without delay,” said Herlihy. “Since the OTS conditional approval in November, we’ve established our headquarters in Farmington, Conn. and added senior staff. InsurBanc is aiming for a spring opening.”
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