Question 1

What is ClearPoint Federal?

Accepted Answer

ClearPoint Federal is a specialized savings bank headquartered in Batesville, Indiana, that exclusively serves the death care industry. With approximately $131.5 million in total assets and $111.6 million in deposits as of August 2022, the bank focuses solely on providing fiduciary services, investment management, and recordkeeping solutions to funeral homes and cemeteries across the United States.

The institution operates as a state-chartered savings bank supervised by the FDIC and holds FDIC Certificate #34748. ClearPoint Federal serves more than 2,400 funeral home and cemetery locations in 43 states and the District of Columbia.

Question 2

When was ClearPoint Federal founded?

Accepted Answer

ClearPoint Federal was originally founded on July 29, 1998, under the name Forethought Federal Savings Bank. The bank's genesis can be traced to its former parent company, Forethought Financial Services, Inc., which was launched in 1985 to provide preneed financial products and services through its subsidiaries.

Initially, the company provided preneed life insurance products but later expanded to include trust products and services to meet the unserved needs of funeral and cemetery professionals nationwide. In 2014, Global Atlantic Financial Group acquired Forethought Financial Services and divested the funeral and cemetery trust business, creating a newly independent company with new ownership and energy.

On January 1, 2014, Forethought Federal Savings Bank officially changed its name to ClearPoint Federal Bank & Trust, marking a new chapter of independence and growth.

Question 3

Where is ClearPoint Federal headquartered?

Accepted Answer

ClearPoint Federal is headquartered at 100 Progress Drive in Batesville, Indiana. The bank has relocated its main office several times within Batesville over the years, moving to its current location on July 15, 2021.

Batesville is located in Franklin County in southeastern Indiana, within the Cincinnati, OH-KY-IN metropolitan statistical area.

Question 4

Where does ClearPoint Federal operate?

Accepted Answer

ClearPoint Federal operates nationally, serving clients in 43 states and the District of Columbia. Despite having only one physical office location in Batesville, Indiana, the bank's federal charter and associated regulatory order provide authority to offer funeral and cemetery trust-related services in all 50 states, consistent with each state's regulatory requirements.

The bank started operations in just six states with only a handful of customers. Through organic growth and new business opportunities, it has expanded to serve thousands of locations across the country.

Question 5

What services does ClearPoint Federal offer?

Accepted Answer

ClearPoint Federal offers a specialized suite of services designed exclusively for the death care industry, including:

Trust Services: The bank serves as trustee for preneed funeral and cemetery trusts, offering customized trust plans tailored to the unique needs of death care businesses rather than generic products.

Recordkeeping Services: ClearPoint provides comprehensive recordkeeping at both the trust level and the preneed contract level, ensuring compliance with state regulatory reporting requirements.

Investment Management: The bank offers professional investment management services designed to provide competitive returns on trust investments while maintaining appropriate risk levels for fiduciary accounts.

Regulatory and Compliance Expertise: With deep knowledge of federal and state regulations affecting the death care industry, ClearPoint assists clients with regulatory compliance, audits, and licensing requirements.

Digital Access: The bank provides a password-protected client portal offering 24/7 access to real-time trust account status, enabling clients to manage their accounts efficiently and access up-to-date information at any time.

Question 6

What makes ClearPoint Federal unique?

Accepted Answer

ClearPoint Federal stands out as one of the few financial institutions in the United States with exclusive focus on the death care industry. This singular specialization allows the bank to develop deep expertise in the specific needs, regulations, and challenges facing funeral homes and cemeteries.

The bank's team brings more than 240 years of combined experience in death care related services, offering both financial expertise and an unwavering passion for serving funeral and cemetery professionals. This specialization enables ClearPoint to understand the unique fiduciary requirements of preneed trusts and perpetual care funds.

Unlike traditional banks that offer death care trust services as a side product, ClearPoint has built its entire business model around this niche. The institution combines the roles of both trustee and recordkeeper, providing comprehensive service that addresses reporting requirements at multiple levels.

The bank's vision includes expanding to become "The Bank" for funeral and cemetery businesses, offering a broader range of banking and financial services expressly designed for members of the death care industry.

Question 7

What type of financial institution is ClearPoint Federal?

Accepted Answer

ClearPoint Federal is a state-chartered savings bank supervised by the Federal Deposit Insurance Corporation (FDIC). The institution operates under a specialized banking charter that focuses on trust and fiduciary services rather than traditional consumer banking products.

As a savings bank, ClearPoint Federal is designed to accept deposits and manage trust funds, but its business model differs significantly from typical retail or commercial banks. The bank does not maintain a traditional branch network or offer consumer banking services like checking accounts, mortgages, or personal loans to the general public.

Instead, it functions as a specialized fiduciary institution serving institutional clients in the death care sector. This classification allows the bank to maintain the regulatory oversight and deposit insurance protections of traditional banks while focusing exclusively on the specialized needs of funeral homes and cemeteries.

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About ClearPoint Federal in the United States