National Life Group Joins the Federal Home Loan Bank of Dallas
ADDISON, Texas, Dec. 30, 2014 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that National Life Group, through its member company Life Insurance Company of the Southwest, has joined its cooperative. National Life Group, a financial services company with offices in Addison, Texas, and Montpelier, Vermont, is a Fortune 1000 company. It will have access to liquidity through FHLB Dallas' line of advances and other credit products.
"We are a significant supporter of residential mortgages, low-income housing, and commercial multifamily loans through our investment portfolio," said Don Messier, 2nd vice president of corporate development at National Life Group. "We have a good partnership with FHLB Dallas, and our membership provides us valuable flexibility and access to liquidity that help us better protect our policyholders."
As of September 30, 2014, a total of 30 insurance companies held membership in FHLB Dallas, one of 12 District banks in the FHLBank System created by Congress in 1932.
"We are pleased to have National Life Group join FHLB Dallas," said Sanjay Bhasin, president and CEO of FHLB Dallas. "We are excited about this new membership and the opportunities we have to help further National Life Group's goals and objectives."
FHLB Dallas approved 14 new members in 2014, with five of them being life insurance companies.
"National Life Group's affiliate Life Insurance Company of the Southwest has the strength and stability we seek in candidates for membership," said Steve Otto, vice president and director of Member Sales at FHLB Dallas. "Life insurers, as with all of our members, have found benefits in the low-cost advances FHLB Dallas offers. Our members are able to access advances for liquidity and to diversify funding sources. We are glad to have National Life Group on board."
About National Life Group
National Life Group is a diversified family of financial service companies that offers a comprehensive portfolio of life insurance, annuity, and investment products to help individuals, families, and businesses pursue their financial goals. National Life Group, a Fortune 1000 company, serves 786,000 customers. With 2013 revenue of $2 billion and net income of $142 million, members of National Life Group employ roughly 900 employees. The Group is made up of its flagship company, National Life Insurance Company, founded in Montpelier, Vermont in 1848; Life Insurance Company of the Southwest, founded in 1955, Addison, Texas, and Sentinel Investments and Equity Services, Inc., both based in Montpelier.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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SOURCE Federal Home Loan Bank of Dallas
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