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.
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