Atlanta, GA (PRWEB) March 18, 2013
Capitol City Bank & Trust Company in Atlanta, GA, and North Carolina Mutual Life Insurance Company in Durham, NC, two African-American businesses well known throughout the USA, have come together to grow their businesses and provide greater financial opportunities for their customers. The ultimate goals for this milestone relationship however, rests with the opportunities created for similar minority financial institutions to do likewise and to spread this alliance beyond these respective cities and states, for the benefit of other minority financial institutions across this country.
North Carolina Mutual Life Insurance Company (NCM) is the oldest and one of the most successful African American insurance companies in the United States; and Capitol City Bank & Trust Company (CCB) is a new progressive African American financial institution that sells financial services. The coming together of these two businesses has the potential to produce a conglomerate of minority businesses that can provides a mix of insurance and financial services under one brand. This strategic alliance enables CCB and NCM the opportunity to pursue major contracts with municipalities and major corporations; and provides the ability to offer customers any and all types of financial products and services.
Georgia is one of the states that lead the nation in banking failures. Capitol City Bank is surviving through creative initiatives such as this alliance we have with North Carolina Mutual. Capitol City did not get any of the $ 770 billion dollars made available to banks by the federal governments TARP (Trouble Asset Relief Program); however, with the assistance of North Carolina Mutual, we have put together our own TARP, said George Andrews, president and CEO of Capitol City Bank & Trust Company.
The partnership with CCB will allow North Carolina Mutual Life Insurance Company to increase its distribution in markets where they have historically done business. In addition to distribution, this partnership provides an opportunity for CCB to receive fee income and provide products to community partners, municipalities and corporations in its sphere of influence. These fees and products will come through alliances NC Mutual has with various carriers and independent marketing organizations. We anticipate this model is scalable and plan to duplicate it in other minority banks and community financial institutions throughout the country. Our new venture with CCB will contribute to our efforts in providing financial literacy information to communities across the southeast. We are confident that other alliances will follow suit, said James Speed, president and CEO, North Carolina Mutual Life Insurance Company.
While these two African-American owned institutions have joined forces in a partnership (not a merger) to become a competitive force to capture major group insurance opportunities with corporate America and municipalities, it is important to note that other minority owned banks (African American) are located throughout the United States [New York, Pennsylvania, Tennessee, the District of Columbia, Illinois, California, Louisiana, New Jersey, Maryland, Massachusetts, Alabama, Missouri, Florida, Michigan, Virginia, Georgia, and North Carolina] .
These business arrangements have been in discussions since early 2012 and will become operative immediately providing Capitol City Bank with the opportunity to offer insurance programs to municipalities, corporations and individuals which are already among its customer base. The partnership allows both companies to be more competitive. says Andrews We will offer an array of new and varied insurance products to our constituents here in Georgia that should increase profit for both companies. We will be able to get into doors that have been previously closed to us.
George Andrews has built a solid professional career in Atlanta and the State of Georgia as a Peoples Banker. We made our mark in the communities that we serve through our practices to engage the communities through innovative ideas to provide service and our ability to involve grass-roots leadership, churches and various start-up businesses. We have created other partnerships that support our loan programs with Sun Trust Bank and Wells Fargo Bank, said Andrews.
North Carolina Mutual Life Insurance Company has made a substantial financial investment in Capitol City Bank. According to James Speed, president and CEO, North Carolina Mutual is pleased to enter this historic partnership with Capitol City Bank & Trust Company. We pride ourselves on finding the best solutions to meet the unique needs of our community; and this alliance allows both companies the opportunity to efficiently provide best in class insurance products and services to CCBs customer base and beyond in a cost effective manner, Speed added.
Capitol City Bank & Trust Company, chartered in the State of Georgia in 1994, has a full-service banking business and engages in a broad range of commercial banking activities, including accepting customary types of demand and time deposits, making individual, commercial and installment loans, money transfers, safe deposit box services, and making investments in U.S. government and municipal services. Capitol City serves its customers from eight locations: the main office is located at 562 Lee Street, SW, Atlanta, GA with four additional offices in Atlanta including Hartsfield International Airport. Other locations throughout the state include Albany, Augusta, and Savannah.
Founded in 1898 in Durham, North Carolina, North Carolina Mutual Life Insurance Company is the nation’s oldest and largest insurance company with roots in the African American community. They offer a wide variety of life insurance products through group plans for both large and small organizations and through individual policies. It provides important financial services through companies and programs such as North Carolina Mutual Financial, a funeral funding company providing advance funding to funeral homes; North Carolina Mutual Insurance Agency, a full-service insurance agency providing products from a variety of carriers; and a managing general underwriter that can administer and underwrite traditional group and voluntary benefit products. Licensed in 23 states and the District of Columbia, they have over 280,000 policyholders with $ 2.9 billion of life insurance in force. The company is celebrating 115 years of personalized service and strategic partnerships that continue to make an impact in communities across the country.