Jackson National Life Insurance Co. announced Monday it plans to acquire First Federal Savings and Loan Association in San Bernardino, Calif., for $6.1 million.
The deal must be approved by the Office of Thrift Supervision. The Lansing, Mich.-based company is one of 10 insurers with requests to enter the thrift business pending.
A spokesman for Jackson National said the thrift would continue to focus on San Bernardino and Riverside counties, where First Federal has four branches.
"This is already a big insurance market for us," said a Jackson National spokesman. "First Federal offers the opportunity to add new products in a state where we do a lot of business."
Company officials are still considering whether the $103 million-asset thrift would take the Jackson National name.
The company is a major underwriter of life insurance policies and annuities offered by banks. Sales by banks totaled roughly $800 million for Jackson National last year. Total sales for the company were $5 billion.
Since Congress began debating legislation to eliminate the federal thrift charter, the OTS has granted charters to Reliastar Financial Corp., Principal Mutual Insurance Co., and Travelers Group.