Admark Marketing Co., a bank third-party marketing firm, has been bought from John Alden Life Insurance Co. in an employee buyout.
The purchase of Admark, which is based in Davie, Fla., a suburb of Fort Lauderdale, occurred Feb. 1. Admark sells fixed and variable annuities, 401(k) plans, life insurance, and small-group health and long-term-care insurance.
The company works with 17 banks, mostly midsize ones, including Cenfed Financial Corp. of Pasadena, Calif. Admark targets both retail and small- business customers.
It expects annuity sales of $100 million this year, said Paul Toub, vice president.
Admark's SourceOne program provides small businesses with one-stop shopping. Through the program, small-business owners can buy group health, "key man" life, and employee life insurance, as well as additional coverage such as dental and long-term care.
"It is focused to help banks add relationships with small-business banking customers," Mr. Toub said. "Small-business banking is one of the key growth areas."
He could not immediately give 1997 sales figures.