Insurance Soars 42 Percent at Guaranty Bank
Guaranty Bank 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 Annuity1 Funds Report. This will likely place Guaranty among the TOP 20 'banks in insurance' when the publication as百度競價推廣bles its rankings later this year.
Guaranty Bank is the $16 billion thrift2 subsidiary of Temple-Inland, Inc., the Texas corrugated3 packaging and forest products firm. It operates some 140 banking4 centers in Texas and California.
In February 2005, Guaranty Insurance Services Inc. , the bank's insurance unitand the second-largest insurance agency in Texasacquired Walter Mortensen Insurance of Bakersfield, California. The acquisition of $13.5 million Walter Mortensen doubled the size of GIS's presence inCalifornia and clearly had an impact on overall 2005 numbers.
Most insurance revenues came from commercial insurance activities. Had Guaranty Bank had $66.8 million in insurance brokerage revenues in 2004 , it would have ranked 12th in Who's Who in Bank Insurance , just behind New Jersey's Commerce Bancorp .