Creative Marketing International Corp., an Overland Park, Kan., annuity and insurance wholesaler, will provide investment products to customers at Capitol Federal Financial, a $6.3 billion-asset bank in Topeka, Kan.
Variable and fixed annuities and other insurance products from CMIC Financial Services, the company's eight-month-old financial services unit, are to be available to Capitol Federal customers beginning Oct. 1. Mutual funds and securities will be provided through an agreement with FII Investments Inc. of Menasha, Wis.
Capitol Federal previously used Invest Financial Corp. of Tampa for investment products. The bank is switching to CMIC because of its product range and accessibility, said R. Joe, a Capitol Federal vice president.
CMIC Financial Services has a deal with one other banking company. Since June it has supplied annuities and other insurance products to community banks owned by Valley View Bancshares Inc. of Overland Park.
However, Phil Poje, executive vice president of CMIC, said the company has no plan to add bank clients because of the uncertainties associated with industry consolidation.
"These were two unique situations where we felt like the institutions were not going to be acquirees but acquirers," he said. In addition, Mr. Poje said, the company wants to keep its banking division local.
"Unless you can service people face-to-face, you're not going to be efficient," he said. -- Amy L. Anderson