Allstate and Discover to Enter Into Multi-Year Marketing Agreement

he Allstate Corporation ALL and Discover Financial Services DFS today announced their plans to enter into a multi-year distribution and marketing agreement. As part of the transaction, Discover Bank will purchase substantially all of the deposits of Allstate Bank. The parties expect the transaction to close by mid-year, subject to regulatory approval. Under the terms of the agreement, Discover Bank will assume the Allstate Bank deposit accounts and provide banking products and services to Allstate customers. Allstate Financial does not intend to originate banking products or services after the transaction closes. Financial terms of the transaction are not considered material.