WASHINGTON Insurbanc, a federal savings bank formed by the Independent Insurance Agents of America and W.R. Berkley Corp., is one step closer to its scheduled opening this spring.
It got conditional deposit insurance approval Thursday from the Federal Deposit Insurance Corp., four months after receiving conditional approval from the Office of Thrift Supervision for its federal thrift charter.
Once all conditions are met, Insurbanc of Farmington, Conn., would open for business in Massachusetts, Connecticut, and New Jersey and offer an array of banking products to consumers and businesses through referrals from independent insurance agents.
Consumers would have access to products such as auto loans, credit cards, home equity loans, mortgages, certificates of deposit, and money market funds. To business clients, the bank would offer lines of credit, commercial real estate loans, cash management services, and other products and services.