On July 20, U.S. regulators gave Allstate Corp. the green light to form a full-service federal savings bank, according to a Reuters report. The process will essentially upgrade Allstate’s existing banking subsidiary, Allstate Bank in Northbrook, Ill., to offer a wide range of banking products to its existing insurance customers and through its agent network.
Allstate Bank, which opened in 1998 as a “limited-purpose” thrift, has only offered cash management and trust services in the past, but will now extend to savings accounts, mortgages, home equity loans and overdraft credit lines. The products will be marketed through referrals from Allstate insurance agents and offered through a call center and online.
Was this article valuable?
Here are more articles you may enjoy.
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
The $10 Trillion Fight: Modeling a US-China War Over Taiwan 
Portugal Deadly Floods Force Evacuations, Collapse Main Highway 
