Principal Bank to retain individual retirement accounts
January 03, 2014 – DES MOINES, Iowa–(BUSINESS WIRE)–The Principal Financial Group®, a global investment management leader, today announced it has received the required approvals from the Federal Reserve Board to deregister as a savings and loan holding company.
“We are pleased to receive approval of our application to deregister the Principal Financial Group as a savings and loan holding company”
“We are pleased to receive approval of our application to deregister the Principal Financial Group as a savings and loan holding company,” said Larry Zimpleman, chairman, president and CEO of The Principal®. “This important step allows The Principal to continue to advance our strategic focus as a global investment management leader.”
During the deregistration process, Principal Bank narrowed its activities to those of a limited purpose trust savings bank. Principal Bank will continue offering individual retirement accounts (IRAs) with FDIC-insured deposits.
Zimpleman also said, “As a limited purpose trust savings bank, we will continue to provide our customers with the income and savings options they desire to help them prepare for retirement.”
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $466.2 billion in assets under management2 and serves some 19.0 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2 As of Sept. 30, 2013.