NORTHBROOK, Ill., July 20 /PRNewswire/ -- In the latest development of its
strategy to become a broad based financial services company, The Allstate
Corporation (NYSE: ALL) today announced that it will soon start offering a
wide range of consumer banking products and services.
Allstate Bank has received Office of Thrift Supervision approval to market
FDIC-insured banking products and services through Allstate Financial Group, a
business unit of The Allstate Corporation. The banking products will be
available online, by telephone, through ATMs and at participating Allstate
agencies. Targeting Americans with retirement, savings and investment needs,
Allstate Bank's products and services will be launched by September 30.
Countrywide, Allstate Agencies will market to consumers a wide range of
retirement and savings products and services, including savings accounts,
certificates of deposit and insured money market accounts through Allstate
Bank customer care representatives at a toll-free number, ATMs, the Internet
at allstatebank.com and the U.S. mail.
California and New York residents will be among the first to be able to
get information about Allstate Bank and receive account-opening kits through
participating Allstate Agencies. By year-end 2002, the company expects
participating agencies throughout the country to offer banking solutions for
their customers' savings and retirement planning needs.
"Offering banking products in addition to the insurance protection,
retirement and investment products we already provide is a natural extension
of our business," said Edward M. Liddy, chairman, president and CEO of The
Allstate Corporation. "It's simply the next step in our strategy to become a
leading financial services company."
"People know Allstate as a company that provides safety and security to
more than 14 million households, insuring one out of every eight autos and
homes," said Tom Wilson, president, Allstate Financial. "Allstate Bank
leverages the Allstate brand and offers a wide range of savings and retirement
products and services through our multiple distribution channels, making it
convenient to do business with Allstate."
According to the 2001 Retirement Confidence Survey by the Employee Benefit
Research Institute and American Savings Education Council, more than one third
of all American workers believe they do not have enough money to live
comfortably during their retirement years.
To close this gap and encourage greater retirement savings, Allstate Bank
will offer attractively priced savings and lending products that complement
the savings and retirement planning products offered by Allstate Financial.
"The banking products and services we are introducing significantly expand
Allstate Financial's portfolio of retirement investment products, which
already include annuities and mutual funds," said Kevin Slawin, chief
executive officer, Allstate Bank. "Allstate Bank will help our customers save
for a secure retirement by providing easy and convenient access to FDIC-
insured products and services, and the comfort and security of dealing with
one of the best-known names in financial services."
Allstate Bank operates under a federal charter received from the Office of
Thrift Supervision in 1998. Since then, it has provided electronic commerce
services to the Allstate Insurance Company in the form of automated clearing-
house transactions enabling policyholders to make premium payments through
their checking accounts. As a result of this service, Allstate Bank is
already one of the largest originators of automated clearinghouse payments in
the nation.
Allstate Financial Group is a business unit of The Allstate Corporation
(NYSE: ALL), representing the affiliates that provide life insurance,
retirement, investment and health and disability insurance products. Widely
known through the "You're in Good Hands With Allstate(R)" slogan, Allstate
Financial helps its customers achieve a secure financial future with a broad
array of retirement solutions.
Allstate Financial is also a premier provider of variable annuities and
long-term care insurance. In addition, through workplace marketing, Allstate
Financial offers life, health and disability insurance through employee
payroll deductions. Customers can access Allstate Financial products and
services through approximately 60,000 financial professionals, including
Allstate agents, independent agents, banks and securities firms.
For more information please contact Laura Margolis, Allstate Media
Relations at 847-402-5600 or visit Allstate's online newsroom at
allstate.com/media/ .
SOURCE The Allstate Corporation
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Related links:
http://www.allstate.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/109885.html
CONTACT:
Laura Margolis of The Allstate Corporation,
+1-847-402-5600
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