Allstate Corp. is getting into the banking business. The company said it has won approval from the Office of Thrift Supervision to begin offering FDIC-insured banking products and services through its business unit, Allstate Financial Group.
Allstate Bank expects to offer a range of banking products geared toward retirement savings, beginning Sept. 30. The bank's services will be available online, by telephone, through automated teller machines and at participating Allstate agencies.
Shares of Northbrook, Ill.-based Allstate Corp. closed down $2.85 to $33.15 on the New York Stock Exchange.