CNA Trust Applies For Federal Thrift Charter

The CNA Financial Corporation (NYSE:CNA) has submitted an application to the Office of Thrift Supervision for approval to convert its wholly-owned subsidiary, CNA Trust, from a state chartered institution to a federal savings bank.

Headquartered in Costa Mesa, CA, CNA Trust is an FDIC insured, trust company. The 30-year old company specializes in the design, support and ongoing administration of company sponsored and individual retirement plans. CNA Trust administers $1.5 billion in assets for more than 5,000 clients.

"After careful deliberation, management and the board have determined that CNA Trust can best facilitate its nationwide growth and reduce operating costs by converting to a federal thrift charter," said CNA Trust Chairman and President Renate (Roni) Renfro. "A federal savings bank charter offers CNA Trust the most efficient and flexible way to organize its multistate and sales operations," she added.

Renfro emphasized that CNA Trust has no intention of entering the consumer lending business.

Headquartered in Chicago, CNA is a multiline insurer, serving individuals and businesses with a broad range of insurance products and insurance-related services. With 1997 revenues of $17 billion, the company ranks among the top 10 U.S. insurance groups.