Non-bank subsidiaries,[1] are firms owned by bank holding companies that offer non-bank products and services, such as insurance and investment advice, and do not offer Federal Deposit Insurance Corporation[2] insured banking products, such as checking and savings accounts. Such companies customarily use the term "banc" to define themselves—denoting that while being associated with a bank or holding company, they do not offer bank services.[3]
A prominent example is the bank holding company Bank of America Corporation, whose bank subsidiary, Bank of America, N.A., offers bank services and products, while such non-bank subsidiaries as Banc of America Investment Services, Inc. and Banc of America Securities, as well as Banc of America Insurance Services, Inc., offer investment, insurance, and equities services under the Bank of America name.
References
- ^ "Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies" (PDF). Federal Reserve. Retrieved 2017-01-06.
- ^ "FDIC: Federal Deposit Insurance Corporation". www.fdic.gov. Retrieved 2017-11-06.
- ^ "Federal Deposit Insurance Corporation Banks Nonbank Affiliations" (PDF). Retrieved 2020-11-18.
This page was last edited on 24 August 2023, at 05:21