The merged organization will have almost 3 million members, with almost $60 billion in assets under management. The current members of LB and AAL will become members of the combined organization. The new organization’s corporate center will be based in Minneapolis, Minnesota (current home of LB) and its operations center will be in Appleton, Wisconsin (current home of AAL).
The Boards of Directors have already initially approved the decision for LB and AAL. However, it also requires approval from several government agencies, as well as other member delegates and a final approval from the AAL board.
The combined organization will rank among the top financial service providers, but will continue to offer its products consistently with its mission as a fraternal benefit society, according to the companies.
A new name for the combined organization has not yet been selected. The new identity will come out of the work of transition teams, composed of representatives from both LB and AAL.