The Office of Thrift Supervision has granted a thrift charter to three companies associated with the AAA automobile organization.
Auto Club Trust FSB will be based in Dearborn, Mich., and provide personal and employee benefit trust services to the 2.2 million AAA members in Michigan and Wisconsin as well as other residents of these states.
The majority owner of the thrift is the Auto Club Insurance Association, a company that offers car and other insurance to AAA members in Michigan and Wisconsin. The two other owners are the AAA affiliate for Michigan and Wisconsin and its Auto Club Services subsidiary.
The OTS set several conditions on the June 25 approval. Auto Club Trust must submit quarterly reports on the number and types of trust accounts the thrift provides, and at least 40% of directors may not be officers or employees of its holding companies or affiliates.