The Office of Thrift Supervision on Monday awarded a federal thrift charter to Lumbermens Mutual Casualty Co., part of the Kemper Insurance family.

The new thrift, called LMC Bank, will be based in Island Lake, Ill., and serve Lake and McHenry counties. The thrift's clientele will include area residents and local Kemper customers, as well as 3,000 employees at Kemper's nearby campus. According to the OTS, the thrift has no plans to market or sell its products or services through Lumbermens' nationwide network of insurance agents.

Lumbermens filed its charter application on April 29, 1998. It is the 22d insurance company to start or acquire a federal thrift since October 1997. Eighteen other insurers have applications pending.

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