The Allstate Federal Savings Bank Begins Operations Today
The Allstate Corp. announces that the Allstate Federal Savings Bank (AFSB), a wholly- owned subsidiary, begins banking operations today at the company's Northbrook headquarters.
"We believe the Allstate Federal Savings Bank is well positioned to succeed in the marketplace because of our experience in the financial services industry and the high quality of staff we have recruited to operate the bank," said Thomas W. Buckley, president and chief executive officer of the Allstate Federal Savings Bank. "The products and services of the bank will be entirely driven by our customer and marketplace needs."
Initially, AFSB will provide electronic commerce services to the Allstate Insurance Company in the form of automated clearing house transactions (ACH) specifically for pre-authorized payments of customers' premiums and other consumer transactions.
In addition, AFSB is committed to investing $15 million annually in the redevelopment of urban communities. The bank will form strategic alliances with community banks, financial institutions and development organizations to create programs tailored to the unique needs of each community.
Plans for the second quarter of next year include the introduction of personal trust and financial planning services. Other product introductions will follow, based on customer needs and regulatory approvals.
The AFSB is directed by former Allstate employees and newly hired employees from the financial services industry. Reporting to Buckley is Beth Brown, general counsel; Linda Nolan (formerly of Bank of Montreal [NYSE:BMO - news]/Harris Bank), community development officer; Christopher Martin, operations; Claire Rosati (formerly of Merrill Lynch), chief trust officer; Hank Hakewill (formerly of The Northern Trust Bank), marketing; Jan Kramer, investments; Nick Georgakopoulus, finance and compliance officer; and Thomas Creagh, information technology.
The Allstate Corporation received approval of its business plan for the Allstate Federal Savings Bank in July from the Office of Thrift Supervision.