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Savings Bank Veteran To Sell CDs Through Insurers

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NU Online News Service, Nov. 22, 2004, 4:31 p.m. EST

An Alexandria, Va., startup says it will sell banking services through insurance companies.[@@]

I.B. Services L.L.C. will set up banking Web sites for insurers and get certificates of deposit and other banking products from Affinity Financial Corp., Irvine, Calif., according to I.B. Services Chairman James Coyne.

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Coyne, who previously was chief operating officer of an insurer-owned bank, Acacia Federal Savings Bank, Falls Church, Va., says his company recently raised capital to fund the “InBank” business through a private stock offering.

Insurers can appeal to orphaned customers by offering them InBank products, and banking customers should be good candidates for insurance cross sales, Coyne says.