InsurBanc Celebrates First Year
NU Online News Service, May 10, 10:55 a.m. EST?The bank designed to provide services for independent agents is celebrating its one-year anniversary.
InsurBanc, a savings bank developed by the Alexandria, Va.?based Independent Insurance Agents & Brokers of America, celebrates its first year in business "with great success," declared Michael Herlihy, the bank's chief executive officer, in a statement.
He said the venture has surpassed expectations as a service to agents, brokers and their customers.
At the end of April, the Farmington, Conn.-based institution reported $11 million in deposits and $22 million in assets. It said it has trained 250 producers and signed referral agreements with more than 100 agencies.
The bank, which is authorized to operate in New Jersey, Connecticut and Massachusetts, is looking to expand operations into other states "in the near future," said Mr. Herlihy, with the aim to become national in scope.
"One year ago, InsurBanc was building for the future," said Robert A. Rusbuldt, IIABA's chief executive officer. "Today, through the commitment of IIABA agents and brokers and a vibrant banking operation, InsurBanc is well along its path to becoming the ?go-to' financial services provider for IIABA members and their clients."
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