SBLI MUTUAL LIFE INSURANCE COMPANY, INC. INVESTS $5 MILLION IN BANYAN MEZZANINE FUND

SBA PROGRAM TO HELP GROW HISPANIC AND MINORITY-OWNED BUSINESSES IN THE SOUTHEAST

New York, N.Y. (PRWEB) November 22, 2003 -- SBLI USA Mutual Life Insurance Company, Inc., a New York-based financial services firm, today announced a $5 million investment in Banyan Mezzanine Fund, L.P. to assist Hispanic and minority-owned companies.

Based in Miami, Banyan will pursue investments primarily in the southeast, with particular emphasis on the underserved markets in Florida, Georgia, Alabama and South Carolina. The fund will focus on business services, healthcare services, media and communications, niche manufacturing, and value added distribution.

On Friday, SBLI USA President and CEO Vikki L. Pryor presented an enlarged check to Banyan at a Florida minority community economic development summit sponsored by Access Florida. Access Florida is a joint venture between the states largest African American and Hispanic organizations - the Florida Black Business Investment Board (FBBIB) and the Florida State Hispanic Chamber of Commerce (FSHCC).

We are long-term investors pleased to be making this very significant investment, which fits with our investment strategy and is also aligned with our mission and values as a company -- which are to focus on the underserved," said Ms. Pryor. This investment will allow us to help communities create jobs for their futures, plan for better lives and achieve their dreams."

SBLI USA and its predecessor company, The Savings Bank Life Insurance Fund, has for over sixty years focused on serving value-conscious Americans, almost exclusively in New York and New Jersey. Through a subsidiary - S.USA Life Insurance Company, Inc. -- the company is embarking on a national expansion campaign and is currently licensed to sell insurance products and services in Florida and 43 other jurisdictions. In New York and 10 other jurisdictions, the companys products and services will be offered through the parent company, SBLI USA.

Banyan is structured as a small-business investment company under the auspices of the Small Business Administration. Under the program, for every dollar raised by private investors, the federal government matches the contribution with $2.00. So far, Banyan has raised $60 million, according to Managing Director John Miller, who said SBLI USA is the first national financial institution to invest in the Fund.

SBLI USA has made a significant commitment which, together with the SBA leverage, materially increases the size of the Fund and the impact it can have in the southeast marketplace," said Mr. Miller. There are no similar funds headquartered in Florida or the surrounding states, so we are providing a much-needed source of capital for companies that need incremental capital to take their company to the next stage of development."

According to Banyan, Hispanic-owned businesses are one of the fastest growing sectors of the U.S. economy. Yet less than two percent of venture capital in 1999 went to minority-controlled enterprises.

According to the FSHCC, a substantial number of small companies in the Funds coverage area are minority-owned and operated. Contributions made by minority owned businesses to the national economy are large and growing. Since 1987, revenues from minority-owned small businesses have grown 34 percent annually. Over the last ten years, Hispanic-owned businesses have grown at a rate in excess of seven times the national average for other small businesses.

We applaud SBLI USA for its commitment to building up minority businesses," said Al Pina, chairman of the board of the FSHCC and chair of Access Florida. We see them as a leader in this statewide and national drive to create more access to capital. Minority businesses are some of the most profitable and have the most potential."

About SBLI USA

SBLI USA Mutual Life Insurance Company, Inc. is a financial services company that is committed to the value-conscious people who make America work. The company is dedicated to building lifelong relationships with customers and empowering them with the education and tools they need to take control of their financial destinies.

SBLI USA and its subsidiaries are licensed in 50 states, the District of Columbia and Puerto Rico. With more than $1.3 billion in assets, $123 million in surplus capital, 250 employees and over 400,000 customers, the company is committed to offering affordable, flexible and easy-to-access products through a variety of integrated channels, including direct mail, telemarketing, the Internet and licensed agents, as it expands nationally.

SBLI USA Mutual Life Insurance Company, Inc. is the parent company to SBLI USA Holdings, Inc., which owns subsidiary companies S.USA Life Insurance Company, Inc. and SBLI USA Diversified Services Company, Inc.
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Additional information about SBLI USA products and services can be found at www.sbliusa.com.