InsurBanc, the federal savings bank developed by the Independent Insurance Agents & Brokers of America (IIABA) to serve independent agents and brokers and their clients, has marked its first anniversary.
“As we celebrate our first anniversary, InsurBanc is surpassing expectations in delivering on its strategic vision of offering innovative banking services to agents and brokers and their clients,” CEO Michael Herlihy commented. “Over the past 12 months, we have built a comprehensive product line and a passionate commitment to service that is unrivaled in banking. Much has been accomplished, yet we will not rest until InsurBanc is the preferred financial services choice for all insurance agents and brokers.”
InsurBanc, which officially opened April 30, 2001, currently is authorized to operate in three states—New Jersey, Connecticut and Massachusetts. At the end of this April, InsurBanc had more than $11 million in deposits and $22 million in assets.
“In just one year’s time, InsurBanc has achieved its principal goal of becoming the preeminent bank for insurance agents and brokers in its area of operations,” IIABA CEO Robert A. Rusbuldt remarked. “Agents and brokers in Massachusetts, Connecticut and New Jersey are energized about InsurBanc and are pushing it to new heights daily.
InsurBanc puts an array of consumer banking products at the disposal of agents and brokers and their clients, including all types of consumer 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 term loans, commercial real estate loans and cash management services.
Since opening its doors, InsurBanc has recruited agents, training over 250 individual insurance agents and brokers and signing referral agreements with over 100 insurance agencies.
“InsurBanc will petition the OTS for approval to expand its operations to other states in the near future,” Herlihy added.
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