Atlanta-based Capitol City Bank & Trust Co. said Monday that it entered into a strategic alliance with the North Carolina Mutual Life Insurance Co., to allow each to sell the other's services.
NCM, founded in 1898, in Durham, N.C., is one of the oldest black-owned insurance companies in the country.
Capitol City, founded in 1994, serves primarily black customers in Southwest Atlanta, and other metropolitan areas throughout Georgia.
This strategic alliance allows both to pursue major contracts with municipalities and major corporations throughout the Southeast and provides both with the ability to offer customers financial and insurance services.
“The partnership allows both companies to be more competitive.” George Andrews, president and chief executive of Capitol City Bank said in a statement.
“We will offer an array of new and varied insurance products to our constituents here in Georgia that should increase profit for both
companies. We will be able to get into doors that have been previously closed to us."
The partnership had been in the discussion stages since early 2012, and the venture becomes effective immediately.
“North Carolina Mutual is pleased to enter this historic partnership with Capitol City Bank & Trust Co.," James Speed, NCM's president and chief executive said in a statement.
"We pride ourselves on finding the best solutions to meet the unique needs of our community and this strategic alliance allows both companies the opportunity to efficiently provide best-in-class insurance products and services to CCB’s customer base and beyond in a cost-effective manner."