Fed Approves Protective Life as Bank Holding Co.

The Federal Reserve on Thursday approved Protective Life Corp., an insurance and financial services firm, as a bank holding company.

The change gives Protective Life assess to the Fed's emergency lending program if it needed a quick source of cash. It also would help make the company eligible to try to tap the Treasury Department's $700 billion financial bailout program.

Fed Approves Protective Life as Bank Holding Co.
Source: NY Times