First of America has apparently become the first bank to roll out proprietary variable annuities simultaneously for trust and retail customers.
The Kalamazoo, Mich., bank offers the Parkstone Advantage Fund to branch customers, and the Parkstone Trust variable annuity to trust customers.
"To my knowledge we're the first out with both at once," said Paul Smith, vice president in charge of insurance product development.
"We saw demand for both products, and a lot of synergy in handling it this way."
