London-based B.A.T. Industries got federal approval Monday to launch CTUSA Federal Savings Bank.
CT Financial Services Inc., B.A.T.'s Canadian subsidiary, will base the thrift in Naples, Fla.
B.A.T. is a global financial services giant and also owns Brown & Williamson Co., the world's third-largest tobacco company.
The approval brings to eight the number of nonbanks to charter thrifts recently; 21 applications are pending.
As part of its approval, the Office of Thrift Supervision required CTUSA to insulate itself from the securities affiliate of its Canadian parent.
Separately, the OTS gave the go-ahead for a new thrift to be run by Great Western Financial Inc.'s former chairman, James F. Montgomery. Frontier Bank is to be based in Park City, Utah, a ski resort where Mr. Montgomery regularly vacations. The thrift's primary market includes Salt Lake City.
Others who own a piece of Frontier include Mr. Montgomery's wife, Diane; former Great Western executive vice president Curtis J. Crivelli; and Washington lawyer Raymond J. Gustini, Great Western's former lobbyist.
Great Western was bought by Seattle-based Washington Mutual Inc. in July.
