FNB Corp. announced the signing of a definitive agreement to acquire Lupfer-Frakes Insurance, an independent insurance agency located in Central Florida. Terms of the transaction were not disclosed.
Founded in 1918, the Lupfer-Frakes agency offers a complete line of commercial and personal insurance as well as employee benefits with full- service offices located in Kissimmee, Maitland and Celebration, Florida. The agency’s 2002 gross revenues were approximately $6 million. The transaction is scheduled to be completed in July 2003.
“This third generation, high-quality insurance agency is located in the heart of the rapidly expanding Central Florida market and will enable us to provide insurance and risk management services to our bank customers,” said Rick Bouchard, CEO for Bouchard Insurance Inc., a wholly- owned subsidiary of FNB. “We also will be able to capitalize on their long-term market relationships and offer new risk management, banking and wealth management services to their existing clients.”
Lupfer-Frakes is the latest in a series of insurance agency acquisitions by F.N.B. over the past several years. This considerable expansion has enabled the company to enhance non-interest income opportunities and reduce its dependence on income from interest spreads. Currently, the company derives 30 percent of its revenues from such fee-based sources.
The Lupfer-Frakes agency is managed by Sam Lupfer IV. Lupfer will continue to serve in an executive position and will manage the Central Florida market for the agency, which will operate as a division of Bouchard Insurance once the affiliation is completed. All other key management and staff will be retained to pursue opportunities in that market.
FNB Corporation is an $8.1 billion diversified financial services
company headquartered in Naples, Fla.
Was this article valuable?
Here are more articles you may enjoy.