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Article: State Farm preparing to apply for federal savings bank charter.(State Farm General Insurance Co.)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- May 5, 1997
- Author:
CopyrightCOPYRIGHT 1997 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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State Farm is preparing to apply for a federal savings bank charter with the Office of Thrift Supervision and the Federal Deposit Insurance Corp., the insurer has announced.
In the past, State Farm has indicated to its agents and employees its interest in either acquiring a bank or founding one to provide consumer financial services products to complement its insurance products.
A recent announcement that the insurer had hired Stan Ozmmen, formerly regional president of First of America Bank-Illinois. to head its bank venture is an indication that State Farm has chosen to start its own bank rather than acquire one, confirmed a representative for the ...