The Allstate Corporation Wins Regulator Approval To Wind Down Bank Operations-DJ

Dow Jones reported that The Allstate Corporation have won approval from regulators to shut down the Company's bank operations, a step it is taking to avoid some federal regulations. The plan to dissolve Allstate Bank, announced earlier this year, will allow the parent company to deregister as a savings and loan. The process of returning funds to customers, ceasing bank operations, cancelling the charter of the bank and deregistering the holding company will be completed by the first half of 2012.