FCSLA national news release
November 10, 2004
The First Catholic Slovak Ladies Association (FCSLA), headquartered
in Beachwood, Ohio, has acquired the assets of the Catholic Workman, headquartered
in New Prague, Minnesota. The acquisition, which closed October 31st, is
projected to increase FCSLA assets by approximately $80 million while
increasing FCSLA membership by 20%. The Catholic Workman office building,
built in 2002 in New Prague, Minnesota, was also acquired and remains open
until further review. The integration and transfer of operations is underway
and is expected to be complete by the end of the 3rd quarter of next year.
Both companies are fraternal benefit societies that share the principles
of the Catholic faith, the preservation of the Slavic culture, and the commitment
to provide members and their beneficiaries quality life insurance and annuity
benefits. Nearly 17,000 Catholic Workman members, with approximately 19,500
life insurance and annuity certificates, were taken in by the FCSLA. FCSLA members
that were formerly members of Catholic Workman will benefit from FCSLA's financial
strength and enhanced technology. FCSLA gains operations in seven
new states, increasing FCSLA's national presence to a total
of 21 states.
FCSLA, established in 1892, is headquartered in Beachwood, Ohio and
operates nationally, licensed to sell life insurance and annuities. FCSLA is
a member of the National Fraternal Congress of America. Operating as a not-for-profit,
FCSLA uses its surplus to offer the association's members a variety
of benefits. Included in these benefits are FCSLA's Annual Scholarship
Program, 25% Post Mortem Benefit, and annual dividends.
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