COLUMBUS, Ohio, April 18 /PRNewswire/ -- U.S. regulators today approved
an application by Nationwide Financial Services, Inc. (NYSE: NFS) to extend
the powers of its wholly owned subsidiary, Nationwide Trust Company, FSB, a
limited-purpose federal thrift. The newly expanded thrift will be renamed
Nationwide Bank and will offer a full range of banking products and
services.
"Banking products and services will be a great complement to our
existing business activities and will help catapult our customers' service
experience to the next level," said Nationwide CEO Jerry Jurgensen.
"Nationwide's insurance, annuity, investment and retirement plan customers
will have access to a convenient resource to help them manage their assets
now and throughout their lifetimes."
By the end of the year, Nationwide Bank is expected to begin serving
new and existing Nationwide customers. The bank will provide
direct-to-consumer services through the mail, telephone and Internet.
Nationwide Bank will support the needs of Nationwide's customers by
adding its banking capabilities to its insurance, mortgage, investment and
retirement plan products.
"This bank is about providing a valuable service that enriches the
relationships we have with existing Nationwide customers and attracting new
customers to Nationwide," said Mark Thresher, president of Nationwide
Financial. "By integrating our banking services with our existing
businesses, Nationwide is in a better position to meet the future needs of
our customers."
In preparation for the bank's launch late in 2006, Nationwide will use
the coming months to continue developing its banking products, build the
necessary infrastructure, and begin marketing its expanded banking services
to customers.
Nationwide Trust Company, FSB was formed in 1998 to provide trust,
custodial and agency services for sponsors of Nationwide Financial's
qualified retirement plans and public sector deferred compensation
businesses, and Nationwide Bank will continue to provide these services
through its trust operation.
Today's approval came from the Office of Thrift Supervision, the
primary regulator of all federally chartered and many state-chartered
thrift institutions, which include savings banks and savings and loan
associations.
About Nationwide Financial
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded
company based in Columbus, Ohio, provides a variety of financial services
that help consumers invest(1) and protect their long-term assets, and
offers retirement plans and services through both public- and
private-sector employers.
It's part of the Nationwide group of companies, which offers
diversified insurance and financial services. The group is led by
Nationwide Mutual Insurance Company, which is ranked No. 98 on the Fortune
100 based on 2005 revenue(2). For more information, visit
http://www.nationwide.com .
Nationwide, Nationwide Financial and the Nationwide Framemark are
federally registered service marks of Nationwide Mutual Insurance Company.
On Your Side is a service mark of Nationwide Mutual Insurance Company.
(1) Nationwide Investment Services Corporation, member NASD. In MI only:
Nationwide Investment Svcs. Corporation.
(2) Fortune Magazine, April 2006
Contacts:
Carah Brody (614) 677-0275
brodyc@nationwide.com
Eric Hardgrove (614) 677-8516
hardgre@nationwide.com
SOURCE Nationwide Financial Services, Inc.
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Related links:
http://www.nationwide.com
CONTACT:
Carah Brody, +1-614-677-0275, or
brodyc@nationwide.com, or Eric Hardgrove, +1-614-677-8516, or
hardgre@nationwide.com, both of Nationwide Financial Services,
Inc.
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