CARMEL, INDIANA (February 28, 2005) – Shareholders of Assurance Partners Bancorp (APB) of Carmel, Ind., voted to merge with Federal City Bancorp, Inc., a Washington, D.C.-based thrift holding company. Regulatory approval for the merger has already been obtained from the Office of Thrift Supervision (OTS). The merged holding company will own Assurance Partners Bank, a national thrift serving an insurance industry niche.
Shareholder agreement to approve the merger followed a unanimous vote by APB’s board to approve and recommend the transaction. The terms of the merger, and the board’s recommendation to APB shareholders, were contained in a proxy statement sent to shareholders earlier this year. APB’s board recommended this action to best position the bank to grow its product offerings and customer base.
The APB board believes that the merger will give the bank additional resources to build on its established foundation. Additionally, to better serve the members of the National Association of Mutual Insurance Companies (NAMIC) – a key customer market for the bank – there will be unique benefits offered such as claims management services, retail branch operations, trustee accounts and additional agency financing for expansion and acquisition.
“NAMIC members and bank customers will realize the benefit of an experienced team led by Stuart McFarland, more than $10 million in new capital and an enhanced business plan that leverages the bank’s existing strengths with new lines of business,” said Chuck Chamness, Assurance Partners Bank chairman and NAMIC’s president. “These improvements will better meet the needs of local customers in the Indianapolis and Washington D.C. communities, and enhance the range of banking services available to NAMIC member companies and the agents who sell their policies across the nation.”
“This is an exciting community banking opportunity with a national franchise,” said McFarland, who is chairman and chief executive officer of Federal City Bancorp. “As we expand, we look forward to enhancing our business relationships with NAMIC and its members.”
For further information, contact
NAMIC Director - Communications
(317) 875-5250 ext. 1054
Posted: Monday, February 28, 2005 12:00:00 AM. Modified: Tuesday, March 01, 2005 12:43:13 PM.
317.875.5250 - Indianapolis | 202.628.1558 - Washington, D.C.