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InBank was created to give insurance companies the opportunity to diversify their financial offerings and attract customers to their offices by selling bank products. InBank’s Private Label Banking also gives an insurance company the capabilities and appearance of a full service retail bank, branded in its own name and existing corporate image.
InBank’s founders, working for a bank owned by an insurance company, successfully integrated the bank’s products into the insurance company’s sales offices. Those offices attracted thousands of new customers by advertising and selling bank products, creating thousands of opportunities for cross-sales of insurance products.
There are many well known examples of insurance companies that have started or purchased banks. What is not well known is the level of financial and administrative commitment required for insurance companies to enter banking. In fact, these burdens make bank ownership by insurance companies a losing proposition of serious proportions in almost every instance. Most have yet to be successful as measured by profits, contribution of new customers, or synergy with insurance sales efforts.
InBank is the answer for an insurance company that wants the benefits of owning a bank but doesn’t want the capital costs and risks that owning or buying a bank brings to the company. InBank’s founders have a deep understanding of insurance company banking, and the experience to successfully implement insurance company banking strategies for diverse private label banking clients. InBank’s program is unique, offering the only opportunity for an insurance company to sell a complete line of retail banking products branded under its own name, while earning income on deposits and gaining thousands of new customers.
Founders
James W. Coyne, Chairman and CEO
Mr. Coyne co-founded InBank in 2004. He has over 30 years experience in banking and insurance industries. Previously with The Acacia Group, he successfully built one of the most profitable insurance company owned banks with over $1 billion in assets. During his 18 years with Acacia, he designed and executed strategies for selling bank products through career agents on a national basis while working closely with senior insurance company offices to achieve synergies of marketing, operational and distribution opportunities. Mr. Coyne also worked closed with federal regulators to develop a methodology for agents to market bank products, which in now the standard for new insurance company owned banks.
Robert P. Martins, President
Mr. Martins co-founded InBank in 2004 and has over 25 years experience in commercial banking and finance. His diverse commercial banking career involved leadership of corporate business units at large regional banks, including First National Bank of
Maryland , First American, and Signet. He established and managed multiple successful new business efforts including corporate banking and asset based lending at Acacia Federal Savings Bank, and national sales & marketing for specialized industries at other institutions. In addition to senior banking positions, Mr. Martin’s career in finance includes four years as CFO of a privately held IT services company during a period of very high growth.
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