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Follow on Google News | Allstate and Discover to Enter into Multi-Year Marketing AgreementAllstate Bank to Sell Deposits to Discover Bank
By: Chris Da "Allstate Financial has refocused on insurance, retirement and investment products. That, combined with the changing regulatory environment, led us to the determination that operating Allstate Bank is no longer core to our long-term strategy," said Matthew Winter, president and chief executive officer, Allstate Financial. "This agreement will enable Allstate Financial to deepen its focus on producing differentiated products for our key markets, strengthening relationships with existing customers, and creating profitable growth for Allstate. Our customers will have uninterrupted access to their FDIC-insured deposits and services through Discover, a leading direct bank with a nationally respected brand." As part of the distribution and marketing agreement, Allstate affiliates and agents will offer personal savings and money market accounts, CDs and individual retirement account CDs to their customers through Discover. Discover Bank offers a differentiated set of products with competitive rates, financial management tools, 24/7 customer service, and broad online functionality with mobile access. Discover Bank accounts are insured by the FDIC for up to $250,000 per depositor. "By joining forces with Allstate, an industry leader with a well-known brand, Discover will continue to offer the safe and secure products Allstate customers have come to trust," said Carlos Minetti, president of consumer banking and operations for Discover. "Affinity relationships with leading organizations have provided us with an effective platform for offering Discover Bank's products to an expanded customer base." The transfer of deposits will not affect insurance policies and other non-banking products that customers have with Allstate. Discover will continue to offer Allstate customers many of the same banking services that are available through Allstate Bank today. Bank customers can expect to receive further notification about timing and the transition of their accounts in the next few months. Allstate Financial will continue to offer and administer business loans to Allstate agencies through Allstate Finance Company, LLC. About Allstate The Allstate Corporation is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate is reinventing protection and retirement to help nearly 16 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®. Allstate Bank received its thrift charter in 1998 and began offering retail banking products in 2001 as part of Allstate's strategy to help Americans save for their financial futures. The bank currently offers FDIC-insured certificates of deposit, money market accounts, savings accounts, checking accounts, ATM/debit cards and home mortgages. Allstate Bank had $1.1 billion in deposits at Sept. 30, 2010. About Discover Discover Financial Services is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com. Contact: Maryellen Thielen Allstate (847) 402-5600 Laura Gingiss Discover (224) 405-0185 http://allstatenewsroom.com End
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