February 07, 2003

Venable Helps Life Insurer Modern Woodmen of America Charter Federal Savings Bank

2 min

Venable's financial services group recently represented Modern Woodmen of America, one of the largest fraternal life insurance society in the United States, in chartering MWABank, a new federal savings bank that is expected to have a substantial internet presence. MWABank will be launched this spring and will focus initially on offering traditional banking services to the society's 750,000 members around the country. MWABank will have its sole branch in Rock Island, Illinois, where Modern Woodmen is based. Modern Woodmen decided to form the bank after a survey of its members found that they were dissatisfied with their existing banking relationships. Modern Woodmen, which aims to provide low-cost products that are easily accessible, partnered with a leading technology provider for the bank's operating system and contracted with several ATM networks to supply its customers with access to cash and the ability to make deposits. MWABank will also market its products through Modern Woodmen's quarterly magazine and by direct mail. John Beaty led the Venable team which obtained regulatory approval for MWABank. Venable has been a leader in the chartering of federal savings banks by insurance companies.

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