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Letter to the Editor
Friday July 20
Insurer Allstate Approved for Full-Service Banking
WASHINGTON -- U.S. regulators cleared Allstate Corp. to set up a full-service federal savings bank to market a wide range of banking products to its existing insurance customers and through its agent network.
The Office of Thrift Supervision said the No. 2 U.S. car and home insurer would upgrade the offerings of its existing banking subsidiary -- Northbrook, Illinois-based Allstate Bank -- to include traditional bank products like savings accounts, mortgages, home equity loans and overdraft credit lines.
The bank opened in 1998 as a "limited-purpose" thrift, offering only cash management and trust services.
The new products will be offered through a telephone call center and over the Internet. They will be marketed through referrals from Allstate insurance agents, the OTS said.
A number of other insurers and insurance groups are already looking to get into banking through their agent networks.
State Farm Insurance Cos. was granted a thrift charter in 1998 and has since been expanding nationwide, while the Independent Insurance Agents of America last year won approval to start offering bank products its members' customers.
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