More insurers are hoping to make themselves eligible for the U.S. Treasury Department’s Capital Purchase Program by acquiring federally regulated financial institutions.
Genworth Financial Inc., Richmond, Va., said Sunday that it had agreed in principle to acquire InterBank FSB, Maple Grove, Minn.
Genworth also has filed a savings and loan holding company application with the federal Office of Thrift Supervision and a Capital Purchase Program application with the U.S. Treasury, the company says.
InterBank says it has been exploring the possibility of improving the services it offers by affiliating with a larger financial services company.