Customers of Deposit Guaranty National Bank will soon be able to buy insurance products at its branches.
The products-which include annuities, life insurance, and long-term care-will be available July 6, which will be two months after First American Corp. of Nashville bought Deposit Guaranty Corp. of Jackson, Miss. The combined company has about $18.2 billion of assets.
Deposit Guaranty's broker-dealer arm will become inactive. Tampa-based Invest Financial Corp., the retail broker-dealer for First American National Bank, will service the combined company. Fixed-income transactions will be handled through the First American Capital Markets division.
The combined investment group has about 96 sales representatives and is expected to grow, said Melinda Srebnick, executive vice president for the consumer and small-business division of First American's investment arm. Back-office operations will be consolidated in Nashville with minimal layoffs, she said.