Acacia Federal Savings Bank is a thrift institution which has been operating in the Washington DC Metro area since it opened in March 1985. Acacia Federal runs its nationwide deposit operation and conducts regional loan production from one location in Falls Church, Virginia. Acacia Federals primary transactions and services are retail mortgage lending, construction lending, commercial lending, commercial real estate lending, consumer deposit products, commercial deposit products and consumer lending. The bank’s web site offers interactive online banking for individual and business customers; the website is located at www.afsbonline.com. Acacia Federal Savings Bank is a subsidiary of the Acacia Life Insurance Company.
Acacia Federal Savings Bank offers a variety of standard consumer and business bank products and service through their website. Some of the specific products and services the bank provides include: checking accounts including no fee checking accounts and interest bearing checking accounts, competitive rates and an assortment of maturities on CDs, tiered money market accounts also with competitive rates and penalty free withdrawals, a full range of mortgage products, free, tax-deferred retirement account programs, Visa check cards, direct deposit, overdraft protection, bill payer services, ATM deposits and more.
Acacia Commercial Banking Group is the commercial banking division of Acacia Federal Savings Bank. The commercial group provides a wide-ranging selection of bank products to small to mid-size companies. The commercial bank division provides services for everything from acquisition financing to the latest commercial banking services including online cash management. The bank works with a variety of business types, and has special expertise in financing information technology and government contracting sectors. Additional business services include: online cash management, sweep accounts with overnight investments, lockbox service, merchant credit card accounts, payroll accounts, operating accounts, certificates of deposit, money market accounts, personal banking services for executives and employees and an array of other checking, savings and investment accounts for business needs.
Acacia Federal Savings Bank, like most online banks, makes the investing easy. Most new bank customers simply complete an on-line banking application, and then send the bank a check or wire transfer the funds.
Acacia Life Insurance Company operates the subsidiary, Acacia Federal Savings Bank. Acacia Life Insurance Company in turn is owned by Ameritas Holding Company. Ameritas Holding Company is owned by UNIFI Mutual Holding Company. UNIFI Companies, Ameritas Life, Acacia Life, Union Central Life and their affiliated companies, offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance, annuities, individual disability insurance, group dental and eye care insurance, retirement plans, investments, mutual funds, banking and public finance.
Within the mutual holding company structure, Ameritas Life, Acacia Life, Union Central Life and their affiliated companies retain their individual identity while benefiting from combined financial strength and scale to realize new growth opportunities. Within the mutual holding company structure, UNIFI Mutual Holding Company is the parent company and owns Ameritas Holding Company. Ameritas Holding Company, in turn, owns 100 percent of the stock of Ameritas Life Insurance Corp, Acacia Life Insurance Company and The Union Central Life Insurance Company.
Full year 2007 results for Acacia Federal Savings Bank and the operations and entities of UNIFI Mutual Holding Company included the following:
In 2007 Acacia Federal’s assets ended the year at $1.492 billion. Earnings were $8.223 million. Also during 2007, Acacia Federal doubled its retail mortgage sales force and had record months for mortgage production in June, July and August.
For the year ending 2007, UNIFI Mutual Holding Company had total assets under management rise to $36.8 billion, up $3.3 billion, or nearly 10 percent, compared to 2006. The year ended with new sales totaling more than $971.2 million. Pretax operating income for 2007 was $215.8 million, excluding realized gains and nonrecurring expenses. Financial contributions from all lines of business resulted in after-tax net income of $158.1 million. Compared to December 31, 2006, total equity rose to $2.2 billion and total combined assets were $18 billion.
Pretax net income for our diversified insurance and financial businesses was $234 million, a 3 percent decrease from the prior year. Excluding realized gains, integration and other nonrecurring costs, pretax operating income was $215.8 million, down 7 percent compared to the prior year. Total revenues were $1.9 billion, up $112.9 million, or 6 percent, compared to the same period in 2006. Realized equity, as a percent of total assets, remained strong at 12 percent. This strong equity position represents the company’s commitment and ability to fulfill future obligations and promises. Total equity was $2.2 billion, up nearly 5 percent compared to December 31, 2006. This increase was primarily due to earnings.
Total combined assets were $18 billion, an increase of $733.1 million, or 4 percent, compared to December 31, 2006. As the major balance sheet asset of UNIFI Companies, the investment portfolios are well diversified with the largest component, the consolidated bond portfolio, having a solid weighted average quality of ‘A.’ Claims and payments to policyholders totaled $2 billion. These payments consisted of death, disability, dental and eye care payments, as well as annuity and other contractual obligations.
UNIFI Companies Business Units Results
The Individual Division represents the life insurance and annuity operations of Ameritas Life, Acacia Life, Union Central Life and their subsidiaries, and Union Central’s individual disability insurance products. The division generated pretax income, excluding realized gains, of $75.8 million, a decrease of 23 percent compared to 2006. Results were impacted by mortality and morbidity experience and an increase in direct expenses related to investing in distribution opportunities and technology. Retirement Plans Division represents Ameritas Retirements Plans, a division of Ameritas Life, and Union Central Retirement Plans, a division of Union Central Life. Pretax operating income reached $11.1 million, an increase of 29 percent compared to 2006. The increase is attributed to higher asset based revenues. Ameritas Group Division, group dental and eye care insurance, experienced operating pretax income of $36.8 million, down 6 percent compared to $39.3 million in 2006. These results were driven by morbidity gains, while expense deviations were less favorable than the prior year. The division continued to experience improved profits in the non-insured and eye care products. The financial line of business, Calvert Group, Ltd., Summit companies, Ameritas Investment Corp. and Acacia Federal Savings Bank, experienced a strong year with total pretax operating income, excluding realized gains and merger related expenses, of $57.5 million, up 11 percent compared to the same period in 2006.
Calvert’s results continued to be driven by strong sales and growth in assets under management. Compared to December 31, 2006, mutual fund assets under management increased by $2.4 billion, an increase of 17 percent, to $16.2 billion. Pretax operating income was $37.2 million, up $8.3 million, or 29 percent, over the same period in 2006.
Acacia Federal Savings Bank’s total assets were over $1.5 billion, an increase of 14 percent compared to December 31, 2006. Acacia Federal’s earnings were down compared to 2006 due to lower interest spreads. Realized gains from investments for 2007 were $28.6 million compared to $30.2 million in 2006. Gains were primarily the result of stock and real estate sales.
The substantial products and services of UNIFI Mutual Holding Company include: variable universal life insurance, term life insurance, whole life insurance, survivorship universal life insurance, indexed universal life insurance, universal life insurance, traditional, variable and indexed annuities, disability income insurance, business, financial and estate planning, 401(k) plans, safe harbor 401(k) plans, sole proprietor 401(k) plans, profit sharing, money purchase pension plans, new comparability plans, defined benefit plans, cash balance plans, 414(h) governmental pick-up plans, 457(b) governmental plans, tailored indemnity, managed care, PPO Network, small group, administrative services only, individual programs, dental coverage, vision, stocks and bonds, municipal and corporate bonds, fixed income securities, managed accounts, asset management, variable universal life insurance, variable annuities, retirement plan products, mutual funds, corporate cash management, separate account management, college savings plans, financial planning, commercial loans, real estate, structured products, unit investment trusts, trust services, retirement income strategies, equity, bond and money market funds, including socially responsible strategies, taxable and tax-free fixed income mutual funds, pension and retirement plan investment options, sub-advisory services, Calvert Social Index™ licensing and services, insurance trusts, fund of funds utilizing ETFs, checking and savings accounts, certificates of deposit, money market accounts, health savings accounts, internet banking – retail and commercial, consumer loans, home mortgage loans, construction loans, commercial real estate loans, commercial business loans, financial advisory, general obligation bonds, revenue bonds, tax anticipation notes, bond anticipation notes, construction notes, refunding bonds, lease-purchase obligation, and investment of bond proceeds.
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