Yet another bank is in the news, causing millions of consumers to fret over the future of their mortgages and savings accounts.

Dutch financial services firm ING Groep (ING) announced that it will separate its insurance and banking businesses, and divest its U.S. banking unit, ING Direct. The changes are mandated by the Dutch government as a condition to receive government aid.

Best known in the U.S. for its high-yield Orange savings accounts, ING Direct has 7.7 million U.S. customers and $90.1 billion in assets across its line of products, which also include checking accounts, certificates of deposit, mortgages, as well as investments and retirement savings products like IRAs through ShareBuilder. ING Direct was one of the first banks in the U.S. to offer online-only services, so there are no retail branches here; if customers want face-to-face interaction they have to visit one of eight ING cafes located around the country. (Or, if you live in New York City, sponsor of the annual marathon -- this year on Nov. 1 -- you can take in ING s signature orange bunting all along the runners route.)

Beyond its retail banking unit, ING has a huge presence in insurance and retirement products. It has $235 billion in assets under management and more than 52,000 retirement plan sponsors. That makes its U.S. Retirement Services unit the nation s largest defined-contribution plan provider, according to company data. Through insurance agents, it also offers products like life insurance and annuities.

What does the news mean for ING s millions of customers? Here s a breakdown:

Internet banking

Orange savers have little to worry about for the time being, says Ron Shevlin, a senior analyst who covers retail banking at market research firm Aite Group. To start with, all deposit accounts are covered by FDIC insurance up to $250,000, which basically means that even if a bank fails your money is guaranteed by the U.S. government.

What s more, ING Group doesn t have to spin off ING or find a buyer for the unit until 2013. That shouldn t be difficult, given the popularity of its savings products and overall customer satisfaction, Shevlin says. A large bank would look at not only an opportunity to acquire a profitable business, but also a customer base to cross-sell to, he says. Potential candidates? Don t be surprised if some of the large Canadian banks, such as Royal Bank of Canada or TD Bank, express an interest, Shevlin says.

Today, customers might be concerned about losing the very feature that made them sign up with ING in the first place: simple, no-fee accounts and the competitive yields made possible by forgoing retail branches. But the bigger issue down the road will be whether the buyer makes changes and satisfied customers become dissatisfied customers. Shevlin says. ING Direct has a very solid base of satisfied customers. It would be crazy for anyone to acquire them and mess with the model.

Mortgages

Keep your mortgage statements, says Keith Gumbinger, a vice president at HSH Associates, which tracks the mortgage market. If and when the bank is sold, this will help you reconcile your latest mortgage balance and terms with those on the first statement you get from the loan s new servicer, he says. Generally, the process is seamless for customers. The old and new mortgage servicers are required by law to send a sign-off and sign-on letter, respectively, informing the customer of the change, the new customer service number and new address where payment checks should be mailed.

The various insurance assets of ING will likely be purchased by other insurance companies, says Robert Hartwig, president of the Insurance Information Institute, an industry group. If the terms of your policy are fixed for its duration (for some products, including certain types of annuities, that means for the rest of the beneficiary s life), nothing will change. If the terms change on an annual basis, the new administrator can change those, Hartwig says. Regulators both in the U.S. and abroad will require that very substantial notice be given about the change of name, what it means and, ultimately, if there s any change in the product, he says.

Retirement plans

ING may not be the first name to come to mind when you think of 401(k)s, but in fact, it is one of the largest defined-contribution plan providers in the country, with more than $235 billion assets under management and seven million plan participants. If you're among them, unfortunately, there s very little you can do if and when the business is acquired by someone else. If the employer decides to switch to another 401(k) provider, employees typically get stuck with reviewing their investments and, in a worst-case scenario, may be faced with fewer investment choices and a lower quality of service, says Aite Group s Shevlin.

Victorina De Boer, a spokeswoman for ING Group in Amsterdam, says the company s focus in the U.S. will continue to be on retirement services, life insurance and annuities.

The ING New York City Marathon

The future of ING s banking and insurance businesses in the U.S. may be unclear, but that s not the case with the ING New York City Marathon, which will celebrate its 40th race in just five days. New York Road Runners, which organizes the event, announced Monday that ING has renewed its sponsorship commitment through the 2013 race.

Each year since 2003, when ING first became the event s sponsor, the bank s logo becomes more visible on New York City streets than the logo of any other bank. ING has done a terrific job in elevating their brand and elevating running, says Mary Wittenberg, president and CEO of NYRR.

ING sponsors three other marathons (Miami, Georgia and Hartford, Conn.) and several other long-distance running races. On its corporate web site, ING asks: So what s the difference between planning for your retirement and running a marathon? Not much! The same characteristics that make distance runners successful make their financial plans successful. For ING's U.S. consumers, the hope is that Monday s announcement will not result in changes to their banking and investing relationships that have them running to competitors.