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Retirement Planning > Saving for Retirement

Genworth And Lincoln Apply For Thrift Charters - Updated

By Staff Writer

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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.

Similarly, Lincoln National Corp., Philadelphia, said Monday that it has agreed to acquire Newton County Loan & Savings FSB, Goodland, Ind.; applied for savings and loan holding company status from the OTS; and applied to participate in the CPP.

Hartford Financial Services Group Inc., Hartford, announced Friday that it, too, was acquiring a savings bank, applying for a thrift charter and applying to participate in the Capital Purchase Program.

AEGON N.V., The Hague, Netherlands, also is seeking to acquire a thrift and participate in the CPP, according to press reports.

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