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While changes of ownership can lead to short-term operational sluggishness and confusion for banks, College Savings Bank, in Princeton, said it has pushed through products on the heels of its sale by Pacific Life Insurance Co. to a group of investors, whose names have not yet been released, according to the bank's chief marketing officer, Dan Davenport.
"With the 20 or so investors — including a good handful of banking experts from around the country — we're now less concerned about having to be aggressive in the market," Davenport said. "We're introducing products more quickly and competitively than we ever have."
Two days after Pacific Life's announcement of the sale, College Savings Bank — which currently holds more than $550 million in assets, and offers investment options to help families save for future college costs — introduced Honors, its first high-yield savings account in the 529 college savings plan market, according to Davenport.
"We designed the account to offer account holders easily available, nonfluctuating liquid savings, which are usually only expected from equity products," Davenport said. "Now that we have this product — and ideas for several more to follow — we're confident that our new investors will help us seize the 529 market."
CORRECTION: A headline appearing on an earlier version of this story misidentified College Savings Bank as a lender.
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