Genworth reaches agreement to buy savings bank
- November 17, 2008
Genworth Financial, a Richmond-based life and mortgage insurer, has made a deal to buy a savings bank in an effort to become eligible for financial help under the $700 billion congressional bailout.
Genworth and Minnesota-based InterBank FSB announced Sunday they had reached a deal for Genworth to purchase the community bank, which has almost $1 billion in assets. Genworth also has applied to become a savings and loan, which would make it eligible for the government’s plan to recue banks.
Genworth has struggled under the rising number of mortgage defaults. The company has also suffered investment losses in the recent market turmoil.