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Modern Woodmen Bank (MWABank)

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Modern Woodmen Bank (MWABank)

Overview:

Modern Woodmen Bank is located in Rock Island, Ill., the home of Modern Woodmen of America. It employs some of the latest banking technology to position itself as a great banking choice today and into the future. With this technology, Modern Woodmen Bank can meet its members'/customers' banking needs without geographic limitations. And without the overhead associated with operating multiple branch locations, Modern Woodmen Bank can offer its customers outstanding products and services.

History:

In the late 1990s, Modern Woodmen of America, a fraternal financial services organization, wanted to expand its rich heritage of meeting members' financial needs. Its goals for expansion included growing its product portfolio with the addition of MWA Financial Services Inc., a wholly owned subsidiary of Modern Woodmen. Additionally, Modern Woodmen believed that a bank would complete its product offering and position Modern Woodmen to help members meet their financial goals into the next century.
In 2000, after extensive analysis and expert consultation, Modern Woodmen's Board of Directors decided to proceed with obtaining a bank charter in which it would own 100 percent of the stock. At the beginning of 2001, Modern Woodmen of America began the process of assembling a management team that had specific background in operating a bank owned by a life insurance organization. In December of 2001, the board appointments for its bank were completed and an application for a federal savings bank charter was filed with the Office of Thrift Supervision and the FDIC. Modern Woodmen received all the necessary approvals and commitments in 2002 and opened Modern Woodmen Bank for business in January of 2003.
Modern Woodmen Bank is primarily a direct bank, one of only approximately 50 direct banks in the United States. Of the nearly 2500 life and property/casualty insurors in the United States, less than 40 have some type of banking charter. By direct bank, it defines itself as principally conducting business via the Internet, mail, telephone and other electronic means. It has one traditional banking location in the Illinois Quad Cities.

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