Financial Benefit Group, an insurance holding company in Boca Raton, Fla., has formed a subsidiary to market tax-deferred annuities to financial institutions.

The new company, Financial Institution Insurance Associates Inc., is headed by Steven E. Sacks. A veteran banker, Mr. Sacks most recently was eastern division president of Cross Marketing, a bank marketing company.

Previously, Mr. Sacks spent 10 years in retail banking at Citibank.

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