Nationwide Financial approved for full-service banking
FOR IMMEDIATE RELEASE
April 18, 2006
Contacts:
Carah Brody (614) 677-0275
Eric Hardgrove (614) 677-8516
COLUMBUS, Ohio — U.S. regulators today approved an application by Nationwide Financial Services, Inc. (NYSE:NFS) to extend the powers of its wholly owned subsidiary, Nationwide Trust Company, FSB, a limited-purpose federal thrift. The newly expanded thrift will be renamed Nationwide Bank and will offer a full range of banking products and services.
“Banking products and services will be a great complement to our existing business activities and will help catapult our customers’ service experience to the next level,” said Nationwide CEO Jerry Jurgensen. “Nationwide’s insurance, annuity, investment and retirement plan customers will have access to a convenient resource to help them manage their assets now and throughout their lifetimes.”
By the end of the year, Nationwide Bank is expected to begin serving new and existing Nationwide customers. The bank will provide direct-to-consumer services through the mail, telephone and Internet.
Nationwide Bank will support the needs of Nationwide’s customers by adding its banking capabilities to its insurance, mortgage, investment and retirement plan products.
“This bank is about providing a valuable service that enriches the relationships we have with existing Nationwide customers and attracting new customers to Nationwide,” said Mark Thresher, president of Nationwide Financial. “By integrating our banking services with our existing businesses, Nationwide is in better position to meet the future needs of our customers.”
In preparation for the bank’s launch late in 2006, Nationwide will use the coming months to continue developing its banking products, build the necessary infrastructure, and begin marketing its expanded banking services to customers.
Nationwide Trust Company, FSB was formed in 1998 to provide trust, custodial and agency services for sponsors of Nationwide Financial’s qualified retirement plans and public sector deferred compensation businesses, and Nationwide Bank will continue to provide these services through its trust operation.
Today’s approval came from the Office of Thrift Supervision, the primary regulator of all federally chartered and many state-chartered thrift institutions, which include savings banks and savings and loan associations.
About Nationwide Financial
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded company based in Columbus, Ohio, provides a variety of financial services that help consumers invest1 and protect their long-term assets, and offers retirement plans and services through both public- and private-sector employers.
It’s part of the Nationwide group of companies, which offers diversified insurance and financial services. The group is led by Nationwide Mutual Insurance Company, which is ranked No. 98 on the Fortune 100 based on 2005 revenue2. For more information, visit www.nationwide.com.
Nationwide, Nationwide Financial and the Nationwide Framemark are federally registered service marks of Nationwide Mutual Insurance Company. On Your Side is a service mark of Nationwide Mutual Insurance Company.
1 Nationwide Investment Services Corporation, member NASD. In MI only: Nationwide Investment Svcs. Corporation.
2 Fortune Magazine, April 2006
- ### -
Nationwide Financial approved for full-service banking
pg. 2
Investments Retirement Insurance www.nationwide.com One Nationwide Plaza Columbus, OH 43215-2220
