Filed Under:Agent Broker, Commercial Business

Where have all the insurer-owned banks gone?

The insurance industry is slowly backing out of the retail banking business, according to a report released Tuesday by SNL Financial, and a series of upcoming M&A deals stands to further shake up the industry.

According to the list assembled by SNL, USAA Federal Savings Bank, controlled by USAA, remains the largest insurer-owned bank in the country with more than $65 billion in total assets, followed by State Farm Bank FSB at $17 billion and Mutual of Omaha Bank at nearly $7 billion.

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