NAMIC's New Thrift Launches Web Site.Assurance Partners Bank, a thrift thrift: see leadwort. chartered by the National Association of Mutual Insurance Companies, said it's launched a new Web site (www.assurancepartnersbank.com) that will allow users to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. forms to apply for products, including loans and mortgages.
The branchless bank, which began operations early in the summer, is unique because it was created through the trade organization by 262 insurance companies in 35 states and two Canadian provinces Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes
province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" . The companies and the association are shareholders in the bank and invested $12.5 million to launch it. NAMIC NAMIC National Association of Mutual Insurance Companies
NAMIC National Association for Multi-Ethnicity in Communications
NAMIC National Association of Minorities in Cable , based in Indianapolis, is the first insurance trade association to receive approval from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. to establish a thrift.
The site will allow users to obtain information on the bank's products, which include business deposits, auto and consumer loans, credit cards, home-equity loans Home-Equity Loan
A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's current market value. and lines of credit, mortgages and student loans. The bank doesn't yet allow consumers to actually apply online for banking products, said David T. Fronek, president and chief executive officer of Assurance Partners, but hopes to allow that kind of transaction in the future.
"That's our next step," Fronek said. He said the bank is in the process of applying for federal approval to accept consumer information online. Until then, consumers can download forms and mail or fax them to the bank, or call a toll-free number to apply over the phone.
The bank will provide services to all consumers, but its main market is customers of NAMIC's member companies.