ALEXANDRIA, Va., April 5, 2013 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today announced that InsurBanc, a federal savings bank based in Farmington, Conn. founded by the Big “I,” is now a division of Connecticut Community Bank N.A. (“CCB”).
InsurBanc's mission will remain the same as when it opened its doors in 2001: to provide the tailored financial products and services that independent insurance agencies and brokers need nationwide to optimize growth opportunities, build value and remain independent.
“InsurBanc’s new structure will strengthen its ability to serve the independent agency system by providing an attractive source of additional capital to lend to agencies across the country, along with offering additional beneficial resources to agents and their businesses,” says Bob Rusbuldt, Big “I” president & CEO. “InsurBanc is better positioned now to serve the growing banking needs of our members and their clients.”
InsurBanc will be led by David W. Tralka, who was InsurBanc’s president and CEO and now is CCB’s president and CEO. In addition, the staff of InsurBanc has become employees of CCB, and will continue providing independent agents the service and expertise they have come to value.
“The business models of InsurBanc and CCB are very complimentary,” says Tralka. “InsurBanc provides banking services, including loans, to independent insurance agencies and brokerages across the United States, while CCB is focused on retail and commercial customers in its local community. The combined entity will have more products and more resources than either institution had on its own.”
As a division of CCB, an FDIC insured bank, InsurBanc is the only bank in the United States designed for insurance professionals. InsurBanc was founded by the Independent Insurances Agents & Brokers of America and others committed to the independent agency system. To read more about InsurBanc, visit www.insurbanc.com
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.