Employees set to buy Boatmen's insurance unit
Northwestern Financial Review, Nov 8, 1997
Employees of Boatmen's Insurance Services of Iowa, based in Mason City, will buy the agency from NationsBank. The agency will retain all its employees and continue to operate out of the NationsBank office building on West State Street in Mason City, under the name, 1st Insurance.
Because of regulatory stipulations, the nationally chartered NationsBank wasn't able to retain the agency when it acquired the state-chartered Boatmen's Bancshares of Iowa, Des Moines. Roger Bank is president of the agency.
Magna Group is merging several of its Iowa offices into Magna Bank, N.A., Brentwood, Mo. The Magna offices in Des Moines, Indianola, Monticello, and Oelwein will be merged into Magna Bank, N.A., Waterloo. The Waterloo bank will then be merged into the Missouri bank.
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