Reliastar Financial Corp., a Minneapolis insurance company, has asked the government for permission to acquire Citizens Community Bancshares, St. Cloud, Minn.
In an application filed Aug. 15 with the Office of Thrift Supervision, the $20.2 billion-asset firm said it wants to buy the thrift so it can offer certificates of deposit, credit cards, and money market accounts to its policyholders. Reliastar also plans to request trust powers for the thrift, according to the application.
Reliastar announced the Citizens' deal in April; shareholders of the $43 million-asset thrift have approved it.
Four other insurers have applied for thrift charters. State Farm Mutual Automobile Insurance Co., Principal Financial Group, and Transamerica Corp. applied for charters in June; Travelers Group filed an application last December.