NU Online News Service, July 16, 6:28 p.m. – InsurBanc F.S.B., Farmington, Conn., has received permission from the federal Office of Thrift Supervision to do business in 15 more states.
InsurBanc, a federal savings bank, can now open full-service operations in three additional states and offer limited services in another 12 states, organizers say.
The Independent Insurance Agents and Brokers of America, Alexandria, Va., established InsurBanc in 2001.
Officially, InsurBanc is an operating subsidiary of Peyton Street Independent Financial Services Corp., a thrift holding company jointly owned by the IIABA and W.R. Berkley Corp., Greenwich, Conn., a property-casualty insurance holding company.
Until now, the thrift has been able to offer full banking services only in Connecticut, Massachusetts and New Jersey.