Magazine article American Banker

Small Ohio Bank Jumps on Fund Bandwagon

Magazine article American Banker

Small Ohio Bank Jumps on Fund Bandwagon

Article excerpt

An Ohio community bank is jumping into the investment products business, signing on with two marketing companies for help in selling annuities and mutual funds.

Second National Bank, a $798 million-asset bank in Warren, Ohio, is one of the rare new entrants in the investment products field, which was attracting banks in droves just two years ago.

Darryl E. Mast, a vice president at Second National, said the company is getting into investment sales in response to demand from its high-net-worth customers. Second National has a flourishing private banking and trust business, with $400 million under management, he noted.

Second National had been considering offering investment products since 1993, but needed time to select the right products and service providers.

"We don't want to look like experimenters in the marketplace," Mr. Mast said. "Now we've come up with something that's a keeper." The sales effort will cover 26 branches in five counties.

The bank has selected Laughlin Group, a Beaver ton, Ore.-based marketing firm, for sales help in marketing mutual funds. Second National's unusually broad product menu includes 31 mutual funds from Putnam Investments and 27 from Oppenheimer Management Corp. The company also hired DenMark Financial Services, Beechwood, Ohio, for assistance in marketing annuities. The company is an established annuities processor with strong links to insurance companies, Mr. Mast said.

The bank will offer four fixed annuities and one variable annuity. Product providers include Midwestern National Life, American National Life, United of Omaha, All American Life, and Life of Virginia. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.