Tompkins Insurance Acquires Shepard, Maxwell & Hale in New York

January 29, 2016

Tompkins Financial Corporation, a financial services company headquartered in Ithaca, New York, announced that its insurance agency subsidiary, Tompkins Insurance Agencies Inc., has acquired Shepard, Maxwell & Hale Insurance in upstate New York.

Terms of the transaction were not disclosed. The acquisition took effect on Jan. 1.

Established in 1957, Shepard, Maxwell & Hale is an independent agency with two offices in Batavia and Hamlin, New York.

Effective Feb. 1, clients of Shepard, Maxell & Hale may receive service at any of Tompkins Insurance’s 28 locations throughout New York and Pennsylvania.

Shepard, Maxell & Hale’s two principals, Daniel G. Hale and Stephen S. Maxwell, will remain with the agency. Five other Shepard, Maxwell & Hale employees will also join the Tompkins Insurance team. The acquisition brings Tompkins Insurance’s total employee count to 186.

Shepard, Maxell & Hale’s Batavia office will close and move operations to Tompkins Insurance’s Tompkins Financial Center office in Batavia around Feb. 1. The Hamlin office will continue to operate at its current location for the time being.

Tompkins Insurance serves 30,000 personal insurance customers and 7,600 commercial insurance customers. The acquisition will add 4,000 Shepard, Maxwell & Hale accounts to its customer base.

“This acquisition is consistent with the growth strategy we have for our company,” said Steve Romaine, Tompkins Financial Corporation president and chief executive officer.

“It is a positive move that enhances our ability to further grow our business in Batavia and western New York and offer the value-added products and services of the Tompkins Financial family,” Romaine said.

Tompkins Financial Corporation is a financial services company with $5.5 billion in assets serving the central, western and Hudson Valley regions of New York and the southeastern region of Pennsylvania. Tompkins Financial is parent to Tompkins Insurance Agencies Inc., Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, and Tompkins Financial Advisors.

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