NU Online News Service, May 2, 2003, 6:07 p.m. EDT – InsurBanc, Farmington, Conn., says it has doubled in size in the past year, attracting $26 million in deposits and accumulating $40 million in assets.
Independent Insurance Agents & Brokers of America, Alexandria, Va., and W.R. Berkley Corp., Greenwich, Conn., started the federal savings bank two years ago to serve independent agents and brokers and their clients.
InsurBanc offers certificates of deposit, credit cards, consumer loans, mortgages and other consumer banking products. It also offers lines of credit, commercial term loans, commercial real estate loans and cash-management services for producers’ commercial clients.
InsurBanc is authorized to pay referral fees to agents in 18 states. It can pay referral fees for all products and services sold in Connecticut, Delaware, Maine, Massachusetts, New Jersey and Rhode Island.
The bank can pay referral fees to agents for credit-card applications and settlement fees for residential mortgages in Illinois, Indiana, Iowa, Kentucky, Louisiana, Minnesota, Missouri, Nebraska, Oklahoma, Oregon, South Carolina and Virginia.