Protective Life Files to Become Bank Firm; Will Buy a Bank

Protective Life Corp., the Birmingham, Ala., insurer, said late on Tuesday that it applied to the U.S. Federal Reserve to become a bank-holding company and to the U.S. Treasury to participate in its capital-purchase program. In connection with the applications, Protective Life agreed to acquire Bonifay Holding Co., the Bonifay, Fla., parent of Bank of Bonifay. Terms of the deal weren't disclosed.

Protective Life Files to Become Bank Firm; Will Buy a Bank
Source: MarketWatch