Regulatory Burdens Prompt Insurer to Give Up on Banking

Shelter Insurance claims to be the latest casualty to regulations found in the Dodd-Frank Act.

INN Breaking News, January 7, 2013

Andy Peters

The insurer has agreed to sell $26 million in deposits and $16 million in loans to the $10.2 billion-asset Central Bancompany in Jefferson City, Mo. The companies did not disclose a price for the transaction. Shelter will pay off its bank's remaining depositors, and continue to service the remaining $137 million of loans.

Get access to this article and thousands more...

All Insurance Networking News articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts, e-books, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders and developing trends.

Already Registered?

Advertisement

Free Site Registration

Advertisement