LNB Bancorp Inc. of Lorain, Ohio, has set up Charleston Insurance Agency to provide annuities, mutual funds, and life insurance to customers of its Lorain National Bank.
The $615 million-asset bank plans to name a third-party marketer next week to sell the products.
This will be LNBs second foray into selling investment and insurance products, said Thomas P. Ryan, executive vice president and secretary of LNB. We had had a third-party marketer do an 800 number deal last year, but it wasnt successful, he said. You need someone here in the office.
Two dedicated agents from the third-party marketer will work out of the banks main branch, Mr. Ryan said. Mr. Ryan is also president and chief executive officer of Charleston Insurance Agency.
LNB has also entered into a joint venture with Lorain County Title, to form Charleston Title Agency LLC. The joint venture, along with the insurance agency, are both aimed at increasing non-interest income for the bank, Mr. Ryan said.
