The insurance industry is slowly backing out of the retail banking business, according to a report released Tuesday by SNL Financial, and a series of upcoming M&A deals stands to further shake up the industry.
According to the list assembled by SNL, USAA Federal Savings Bank, controlled by USAA, remains the largest insurer-owned bank in the country with more than $65 billion in total assets, followed by State Farm Bank FSB at $17 billion and Mutual of Omaha Bank at nearly $7 billion.
But Mutual of Omaha is in the midst of a reorganization that might threaten its place on that list. It will be selling off five of its branches in Colorado to focus its operations in the state at one “multifaced” location south of Denver.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
