Conn. Gov. Rowland to Open Independent Insurance Agents’ Bank

Connecticut Governor John Rowland (R) will lead a ribbon-cutting ceremony to celebrate the grand opening of InsurBanc, a federal savings bank that consumers can access through their hometown-based independent insurance agents, the Independent Insurance Agents of America (IIAA) announced today.

InsurBanc, headquartered in Farmington, Conn., will offer consumers in Connecticut, New Jersey and Massachusetts a wide array of competitive banking products, including auto loans, credit cards, home equity loans, mortgages, certificates of deposit and money market funds.

For business clients, the bank offers working capital lines of credit, commercial real estate loans and cash management services.

InsurBanc is a wholly owned subsidiary of Peyton Street Independent Financial Services Corporation, a thrift holding company jointly owned by IIAA and W. R. Berkley Corporation and its subsidiaries.

IIAA began developing InsurBanc approximately two years ago. Organized in 2001, InsurBanc is a federal savings bank, the deposits of which are insured to applicable limits by the FDIC.

Topics Agencies Connecticut