CARMEL, INDIANA (April 18, 2005) – Assurance Partners Bank (APB) of Carmel, Ind., announced that it has merged with Federal City Bancorp, Inc., a Washington, D.C.-based thrift holding company. The transaction closed on April 8, 2005. The bank will expand its presence by opening full-service retail branches in Indiana and in the Washington D.C. markets.
Serving the needs of NAMIC member insurance companies, agencies and employees will continue to be an integral part of the bank’s mission. NAMIC has increased its initial investment in the bank, and 60 percent of the existing NAMIC-member mutual insurance company investors will maintain their investment in APB.
Charles M. Chamness, NAMIC's president and CEO, and Robert A. Wadsworth, president and CEO of Preferred Mutual Insurance Company and chairman-elect of NAMIC, will serve on the bank’s board of directors. Other directors are Stuart A. McFarland, chairman and CEO of Federal City Bancorp and Assurance Partners Bank; Robert Desmond, retired president and COO of Republic Bancorp; and Gerald Lynch, chairman, president and CEO, General Re – New England Asset Management, Inc.
The APB board of directors believes that the merger will give the bank additional resources including new leadership, additional capital, expanded product and service offerings and a new business plan. These resources will allow the bank to offer a full-range of personal banking services in its local markets and to the NAMIC membership, their employees and agencies, including new deposit products and additional financing options for agency acquisition and expansion.
For insurance agency owners, the merger means additional products and services to support agency growth and business objectives. The Bank will dramatically expand its agency referral and business program to include an expanded commission schedule and enhanced opportunities for agents and agency owners to serve their clients.
The bank will emphasize highly personalized service and quality products through a seamless technology platform and a dedicated sales and marketing force. Customers will have multi-channel account access through the Internet, telephone, a nationwide ATM network, customer support centers and retail branch establishments.
Posted: Monday, April 18, 2005 12:00:00 AM. Modified: Monday, April 18, 2005 4:05:22 PM.
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