The IIABA says that the merger will allow the bank to have more loan capacity for agencies
Earlier this month, InsurBanc, the federal savings bank for independent insurance agents, announced that it is now a division of the Connecticut Community Bank, N.A. As the only bank designed for insurance professionals, the company assures that this merger will not alter the company’s mission to provide tailored financial producer and services to independent agencies and brokers in order to help them foster growth opportunities, build vale and help its customers remain part of the independent agency system.
“InsurBanc’s new structure will strengthen its ability to serve the independent agency system by providing an attractive source of additional capital to lend to agencies across the country, along with offering additional beneficial resources to agents and their businesses,” says Bob Rusbuldt, Big “I” president & CEO. “InsurBanc is better positioned now to serve the growing banking needs of our members and their clients.”
InsurBanc will continue to be lead by David W. Tralka, who was the company’s president and CEO before the merger. He will now be the president and CEO of Connecticut Community Bank and all of InsurBanc’s employees will become employees of CCB.
“The business models of InsurBanc and CCB are very complimentary,” says Tralka. “InsurBanc provides banking services, including loans, to independent insurance agencies and brokerages across the United States, while CCB is focused on retail and commercial customers in its local community. The combined entity will have more products and more resources than either institution had on its own.”
InsurBanc, founded via input from both insurance agents and The Independent Insurance Agents and Brokers of America (IIABA), first opened its doors to the insurance industry in 2001.