Insurance Soars 42 Percent at Guaranty Bank5 S0 I" `( O# d. ]' g' D
Guaranty Bank (Austin, TX) reported $66.8 million in insurance commissions and fees in 2005, up 42 percent from $47 million in 2004, according to the upcoming issue Singer's Annuity & Funds Report. This will likely place Guaranty among the top 20 'banks in insurance' when the publication assembles its rankings later this year.
! c2 V- U- b1 F& V2 d Guaranty Bank is the $16 billion (assets) thrift subsidiary of Temple-Inland, Inc., the Texas corrugated packaging and forest products firm. It operates some 140 banking centers in Texas and California.% y: ]# @5 V5 j- K* g' o1 j
In February 2005, Guaranty Insurance Services Inc. (GIS), the bank's insurance unit——and the second-largest insurance agency in Texas——acquired Walter Mortensen Insurance of Bakersfield, California. The acquisition of $13.5 million (annual revenues) Walter Mortensen doubled the size of GIS's presence inCalifornia and clearly had an impact on overall 2005 numbers.
. A6 q5 |2 }8 y) }- v Most insurance revenues came from commercial insurance activities. Had Guaranty Bank had $66.8 million in insurance brokerage revenues in 2004 (instead of 2005), it would have ranked 12th in Who's Who in Bank Insurance (2005 Edition), just behind New Jersey's Commerce Bancorp ($71.97 million). |
发表于 2012-8-16 08:12:37
