Another insurer is leaving the banking industry, but this one says it is running toward a new opportunity and not away from regulators.

The Armed Forces Benefit Association, created in 1947 to provide subsidized life insurance to military members and their families, announced last week that it would sell its 5Star Bank in Colorado Springs, Colo., to its local management team for an undisclosed amount.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.