Standard Federal Bank for Savings, Burr Ridge, Ill., was in the property-and-casualty insurance business for about 10 years when its executives decided to shed its insurance subsidiary.

But Standard Federal still wanted to offer property-and- casualty insurance. So when Horton Insurance Agency, Orland Park, Ill., this month offered to buy the thrift's SFB Insurance Agency subsidiary and continue marketing the product to the savings and loan's customers, Standard Federal accepted.

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