Business Insurance Update
Genworth Seeks TARP Funds; Buys Bank
Genworth Financial (GNW) filed a savings and loan holding company application with the Office of Thrift Supervision as it reached an agreement to buy a bank and said it applied for capital under the Treasury's Troubled Asset Relief Program.
Genworth reached an agreement in principle to acquire InterBank fsb of Maple Grove, Minn., the company said in a statement on Sunday. The filing for TARP money brings the insurer under federal regulation and makes it eligible to receive money under the Treasury's $700 billion rescue plan. Genworth joins other insurance companies - Hartford Financial(HIG), Lincoln National(LNC), and Aegon(AEG), a Dutch company that owns U.S. insurer Transamerica -- in asking the OTS for permission to acquire existing savings and loans.
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