A Farmington-based federal savings bank founded by the Independent Insurance Agents & Brokers of America is now a division of Connecticut Community Bank N.A., according to a media statement Friday.
The mission of Farmington-based InsurBanc is unchanged as it continues to provide financial products and services to independent insurance agencies and brokers across the U.S., according to a statement by the two banks. Twenty people who work in the Farmington office will keep their jobs, InsurBanc said.
"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," said Bob Rusbuldt, CEO of the Independent Insurance Agents & Brokers of America, known as the "Big I". "InsurBanc is better positioned now to serve the growing banking needs of our members and their clients."
InsurBanc's CEO David W. Tralka has become Connecticut Community Bank's president and CEO.
"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."
Connecticut Community Bank is based in Westport and has nine branch locations in Fairfield County.
InsurBanc first opened its doors in 2001, and the Big I was founded in 1896.