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Board OKs Ohio-based fraternal benefit society's merger agreements

The board of Ohio-based First Catholic Slovak Ladies Association has approved the fraternal benefit society's merger agreements with Polish Union of the United States of North America and Polish Women's Alliance of America.

Pennsylvania-based Polish Union of the United States of North America and Illinois-based Polish Women's Alliance of America are nonprofit corporations and fraternal benefit societies that offer life insurance and annuity products.

Polish Women's Alliance of America had been under rehabilitation, with Illinois Department of Insurance Director Anne Melissa Dowling as its rehabilitator. Dowling sought merger proposals from other fraternal societies before allowing First Catholic Slovak Ladies Association to proceed with an acquisition of the employee retirement pension plan of Polish Women's Alliance of America. Merging the benefit societies will terminate the rehabilitation proceedings.