MODERN WOODMEN of AMERICA - About Us

More ways to meet members’ needs. That’s the reason behind Modern Woodmen of America’s launch of two new subsidiary corporations, according to President Clyde C. Schoeck.

“Modern Woodmen’s mission is to improve the quality of life for its members,” Schoeck says. “The addition of MWA Financial Services, Inc., and MWABank will allow us to offer a wide range of financial services to members, to meet their changing quality of life goals."

MWA Financial Services, Inc.
MWA Financial Services, Inc., is a wholly owned subsidiary of Modern Woodmen of America. As a broker-dealer, its primary function is to distribute investment products that are registered with the Securities and Exchange Commission (SEC), including variable universal life insurance, variable annuities, mutual funds, stocks and bonds.

Modern Woodmen’s registered representatives (those holding securities licenses) will sell these products as they become available. Mutual funds from 20 fund families are available at this time, and plans call for new Modern Woodmen variable universal life insurance and variable annuities to be available in Spring 2002.

The formation of MWA Financial Services created 13 new jobs. Staff members bring experience working for the National Association of Securities Dealers (NASD), other broker-dealers and fraternal organizations to their new positions at Modern Woodmen.

Robert M. Roth is president of MWA Financial Services, Inc. He holds an MBA in finance from the University of Colorado, and a bachelor’s degree in math from Colorado College. Roth has 30 years of management experience in the financial services industry.

MWABank
With the formation of another wholly owned subsidiary in the latter half of 2002, Modern Woodmen also plans to provide a complete line of checking, savings and loan services. MWABank will utilize the latest technologies, including Internet and call center banking, as well as Modern Woodmen’s existing district representatives to serve members. Modern Woodmen plans to utilize the federal thrift charter for its banking license.

Steven Ollenburg, Waukee, Iowa, will serve as MWABank President. Ollenburg has 18 years of bank and thrift experience, most recently as president and CEO of Principal Bank of the Principal Financial Group, Des Moines. He has also served on the Board of Directors of America's Community Bankers, the Iowa Student Loan Liquidity Corporation, Iowa's Community Bankers and Shazam, among others.

Modern Woodmen of America is a fraternal life insurance organization based in Rock Island, Ill. Modern Woodmen serves more than 750,000 members nationwide, offering life insurance, annuity and investment* products, along with fraternal member benefits for families and their communities.