Minority-owned businesses join forces, across state lines, to increase profit and make comprehensive financial services available.
Atlanta, GA - February 28, 2013 - Capitol City Bank & Trust Company and North Carolina Mutual Life Insurance Company, two African-American businesses well known throughout the USA, are coming together to grow their businesses, provide greater financial opportunities for their customers, and to spread more wealth into the community.
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 minority businesses will produce a conglomerate that provides a mix of insurance and financial services under one roof. This strategic alliance enables CCB and NCM the opportunity to pursue major contracts with municipalities and major corporations throughout this region; and provides the ability to offer customers any and all types of financial products and services
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 George Andrews, President and CEO of Capitol City Bank, “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 People’s Banker. “We made our mark in the communities that we serve through our practices to engage the communities through grass-roots leadership, churches and various start-up businesses,” said Andrews. “We have been working on building a legacy to bank on.”
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 strategic alliance allows both companies the opportunity to efficiently provide best in class insurance products and services to CCB’s customer base and beyond in a cost effective manner.
The partnership with CCB will allow North Carolina Mutual Life Insurance Company to increase its distribution in markets we have been in historically. 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. As we celebrate 115 years this year we are humbled to begin a new chapter with CCB as a joint partner,” said Mr. Steed.
About Capitol City Bank & Trust Company
Capitol City Bank & Trust Company, chartered in the State of Georgia in1994, 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.
About North Carolina Mutual Life Insurance Company
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.