Four carriers take refuge under TARP

Four more insurers have lined up to become banks in the hopes of qualifying for some money from the Treasury’s Troubled Asset Relief Program. Aside from The Hartford (Conn.) Financial Services Group Inc., which had announced its application to the Office of Thrift Supervision to become a savings and loan (a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081114/REG/811149958>InvestmentNews,l Nov. 14), Genworth Financial Inc. of Richmond, Va., Philadelphia-based Lincoln National Corp., and The Hague, Netherlands-based Aegon NV, parent of Transamerica Corp. of Cedar Rapids, Iowa, have all asked to become banks in order to qualify for help from the federal government. The insurers also announced acquisitions of banks in order to have the savings-and-loan holding company status that would make them eligible for the Capital Purchase Program, which is part of TARP. On Friday, Genworth announced its merger agreement with InterBank FSB in Maple Grove, Minn. Meanwhile, the Hartford announced its acquisition of Federal Trust Corp. in Sanford, Fla. Lincoln wants to acquire Newton County Loan & Savings of Goodland, Ind. Finally, Aegon which picked up a 3 billion euro infusion from the Dutch government, wants to acquire Suburban Federal Savings Bank of Crofton, Md.