CIGNA Goes into Banking

April 26, 2001 ( - The US Office of Thrift Supervision (OTS) cleared the way for CIGNA Retirement & Investment Services to add banking products to its retirement planning options offered to participants in its retirement plans.

OTS approved the company’s bid to convert CG Trust Company, an Illinois-chartered trust, into a federally chartered, full-service thrift, Cigna announced Thursday.

The group will initially use its federal charter to offer deposit products, such as:

  • checking and savings accounts,
  • certificates of deposit,
  • money market accounts and
  • individual retirement accounts.

The services will be available to both beneficiaries of clients insured through CIGNA’s group insurance products, and participants in retirement plans administered by the group

The bank, will serve clients through a call center, initially handling transactions by phone, ATM, debit card, mail and wire transfers. Online service will be phased in during the year.

Fiserv, Inc., a provider of information management solutions for the financial services industry, will assist with the development and implementing the technology to support the new bank.