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Illinois Fraternal Setting Up Broker-Dealer And Thrift Units

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NU Online News Service, Nov. 2, 1:46 p.m. – Modern Woodmen of America, Rock Island, Ill., a fraternal life insurer, has hired 13 people to set up a broker-dealer unit, MWA Financial Services Inc.

Registered representatives affiliated with the unit are already selling mutual funds from 13 companies, and Modern Woodmen says it hopes to introduce variable annuity products and variable universal life products of its own by July 2002.

Robert Roth, the president of the broker-dealer, has 30 years of experience in the financial services industry. He has a bachelor’s degree in math from Colorado College and a master’s degree in finance from the University of Colorado.

Modern Woodman has also hired Steven Ollenburg to set up a savings bank, MWABank.

The savings bank will provide savings, checking and loan services.

Ollenberg previously was president of Principal Bank at Principal Financial Group Inc., Des Moines, Iowa. He has served on the board of America’s Community Bankers, Washington, and the Iowa Student Loan Liquidity Corp.


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