The thrift is in Goodland, a burg between Lafayette and Chicago, and has all of $7.3 million in assets.
But the bank was inhaled yesterday by insurance giant Lincoln National Corp. to allow Lincoln National to seek status as a bank holding company and ultimately get in line for some of the $700 billion in federal bailout funding. Lincoln, which was headquartered in Fort Wayne before moving to Philadelphia in 1999, is one of several insurers making the move.
Whether local insurers including Conseco Inc. or even WellPoint Inc. follow suit remains to be seen.
How do you feel about this? Should insurance companies, many of which have suffered massive investment losses, be given a seat at the table?