CIGNA Receives Approval for Federally Chartered Thrift

New Bank Expands Retirement Plan Offerings

Allows for Further Tailoring of Solutions for Plan Participants



Apr 26, 2001, 01:00 ET from CIGNA Retirement & Investment Services

    HARTFORD, Conn., April 26 /PRNewswire/ -- As part of ongoing efforts to
 expand its portfolio of offerings for retirement plan sponsors and plan
 participants, CIGNA Retirement & Investment Services announced today that it
 has received U.S. Office of Thrift Supervision (OTS) approval to convert CG
 Trust Company, an Illinois-chartered trust, into CIGNA Bank & Trust Company, a
 federally chartered, full-service thrift.
     The OTS ruling allows CIGNA to add banking products to its menu of
 retirement planning options offered nationally to participants in
 CIGNA-provided retirement plans.
     "Our focus as an organization is to deliver complete compensation and
 benefits solutions through the workplace that are customized to the needs of
 plan sponsors and tailored to the needs of plan participants," said Russell W.
 Anderson, senior vice president, financial services, at CIGNA Retirement &
 Investment Services.
     "The addition of banking services provides convenient and secure
 investments to complement 401(k) and other retirement vehicles, and it
 supplies a robust set of financial tools to help plan participants build a
 retirement portfolio suited to individual risk tolerance and life-stage
 needs," he added.
     Anderson noted that CIGNA Bank & Trust will initially leverage its federal
 charter to offer deposit products, such as checking and savings accounts,
 certificates of deposit (CDs), money market accounts and individual retirement
 accounts (IRAs).  The bank's products and services will be made available to
 the beneficiaries of clients insured through CIGNA's group insurance products,
 as well as to participants in retirement plans administered by CIGNA
 Retirement & Investment Services.
     In addition, all existing trust services currently provided to sponsors of
 retirement plans through CG Trust Company will continue to be offered through
 the new entity.  All deposits in CIGNA Bank & Trust will be FDIC insured.
     "The establishment of CIGNA Bank & Trust underscores our commitment to
 deliver a wide range of banking and other financial service solutions for both
 retirement plan sponsors and their participants.  Over time, as client
 expectations and needs increase, we intend to add additional banking options
 that will help our clients address changing circumstances and evolving life-
 stage needs," said Martin J. Geitz, president and chief executive officer of
 CIGNA Bank & Trust.
     The bank, headquartered in Hartford, Connecticut, will serve clients
 through an experienced call center staff and will initially handle
 transactions by phone, ATM, debit card, mail and wire transfers.  Internet
 transactions will be phased in throughout the year as part of the retirement
 portal available to all participants in CIGNA-provided retirement plans.
     Fiserv, Inc., a leading, full-service provider of information management
 solutions for the financial services industry, will partner with CIGNA in
 developing and implementing the technology to support the new bank.
     CIGNA Bank & Trust is a wholly owned subsidiary of CIGNA Corporation, and,
 as a federally chartered thrift, has an independent Board of Directors.
 Retirement plan clients seeking additional information about CIGNA Bank &
 Trust can call 1.860.534.3344.
     CIGNA Retirement & Investment Services, a division of CIGNA Corporation
 (NYSE:   CI), is one of the nation's leading asset management and retirement
 services firms.  The organization offers defined benefit, defined contribution
 and non-qualified plans, either on a stand-alone basis or as part of a
 complete retirement solution customized to the needs of plan sponsors and
 tailored to the needs of plan participants. With global invested assets of
 more than $85 billion, CIGNA Retirement & Investment Services provides
 retirement products to approximately 3,000 plan sponsors serving in excess of
 1.6 million plan participants.  Security products are offered through CIGNA
 Financial Services, Inc.  Member NASD/SIPC.  Banking products are offered by
 CIGNA Bank & Trust Company, FSB.
     CIGNA Corporation's subsidiaries are leading providers of employee
 benefits in the United States. Their products and services include managed and
 indemnity health care coverage; group life, accident and disability insurance;
 retirement services; and investment management. They also offer life insurance
 and employee benefits in selected international markets. As of December 31,
 2000, CIGNA Corporation had consolidated assets of $95.1 billion and
 shareholders' equity of $5.4 billion.  To find out more about CIGNA
 Corporation, go to http://www.cigna.com.
 
      Contact:  Ken Ferraro, CIGNA Public Affairs
                860.534.7468
                kenneth.ferraro@cigna.com
 
                Lisa Friedman, Makovsky & Co.
                212.508.9630
                lfriedman@makovsky.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14884037
 
 

SOURCE CIGNA Retirement & Investment Services
    HARTFORD, Conn., April 26 /PRNewswire/ -- As part of ongoing efforts to
 expand its portfolio of offerings for retirement plan sponsors and plan
 participants, CIGNA Retirement & Investment Services announced today that it
 has received U.S. Office of Thrift Supervision (OTS) approval to convert CG
 Trust Company, an Illinois-chartered trust, into CIGNA Bank & Trust Company, a
 federally chartered, full-service thrift.
     The OTS ruling allows CIGNA to add banking products to its menu of
 retirement planning options offered nationally to participants in
 CIGNA-provided retirement plans.
     "Our focus as an organization is to deliver complete compensation and
 benefits solutions through the workplace that are customized to the needs of
 plan sponsors and tailored to the needs of plan participants," said Russell W.
 Anderson, senior vice president, financial services, at CIGNA Retirement &
 Investment Services.
     "The addition of banking services provides convenient and secure
 investments to complement 401(k) and other retirement vehicles, and it
 supplies a robust set of financial tools to help plan participants build a
 retirement portfolio suited to individual risk tolerance and life-stage
 needs," he added.
     Anderson noted that CIGNA Bank & Trust will initially leverage its federal
 charter to offer deposit products, such as checking and savings accounts,
 certificates of deposit (CDs), money market accounts and individual retirement
 accounts (IRAs).  The bank's products and services will be made available to
 the beneficiaries of clients insured through CIGNA's group insurance products,
 as well as to participants in retirement plans administered by CIGNA
 Retirement & Investment Services.
     In addition, all existing trust services currently provided to sponsors of
 retirement plans through CG Trust Company will continue to be offered through
 the new entity.  All deposits in CIGNA Bank & Trust will be FDIC insured.
     "The establishment of CIGNA Bank & Trust underscores our commitment to
 deliver a wide range of banking and other financial service solutions for both
 retirement plan sponsors and their participants.  Over time, as client
 expectations and needs increase, we intend to add additional banking options
 that will help our clients address changing circumstances and evolving life-
 stage needs," said Martin J. Geitz, president and chief executive officer of
 CIGNA Bank & Trust.
     The bank, headquartered in Hartford, Connecticut, will serve clients
 through an experienced call center staff and will initially handle
 transactions by phone, ATM, debit card, mail and wire transfers.  Internet
 transactions will be phased in throughout the year as part of the retirement
 portal available to all participants in CIGNA-provided retirement plans.
     Fiserv, Inc., a leading, full-service provider of information management
 solutions for the financial services industry, will partner with CIGNA in
 developing and implementing the technology to support the new bank.
     CIGNA Bank & Trust is a wholly owned subsidiary of CIGNA Corporation, and,
 as a federally chartered thrift, has an independent Board of Directors.
 Retirement plan clients seeking additional information about CIGNA Bank &
 Trust can call 1.860.534.3344.
     CIGNA Retirement & Investment Services, a division of CIGNA Corporation
 (NYSE:   CI), is one of the nation's leading asset management and retirement
 services firms.  The organization offers defined benefit, defined contribution
 and non-qualified plans, either on a stand-alone basis or as part of a
 complete retirement solution customized to the needs of plan sponsors and
 tailored to the needs of plan participants. With global invested assets of
 more than $85 billion, CIGNA Retirement & Investment Services provides
 retirement products to approximately 3,000 plan sponsors serving in excess of
 1.6 million plan participants.  Security products are offered through CIGNA
 Financial Services, Inc.  Member NASD/SIPC.  Banking products are offered by
 CIGNA Bank & Trust Company, FSB.
     CIGNA Corporation's subsidiaries are leading providers of employee
 benefits in the United States. Their products and services include managed and
 indemnity health care coverage; group life, accident and disability insurance;
 retirement services; and investment management. They also offer life insurance
 and employee benefits in selected international markets. As of December 31,
 2000, CIGNA Corporation had consolidated assets of $95.1 billion and
 shareholders' equity of $5.4 billion.  To find out more about CIGNA
 Corporation, go to http://www.cigna.com.
 
      Contact:  Ken Ferraro, CIGNA Public Affairs
                860.534.7468
                kenneth.ferraro@cigna.com
 
                Lisa Friedman, Makovsky & Co.
                212.508.9630
                lfriedman@makovsky.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14884037
 
 SOURCE  CIGNA Retirement & Investment Services

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http://www.cigna.com