State Bank and Trust Co., a wholly-owned subsidiary of State Bank Financial Corp., has launched an insurance division to offer State Bank customers a range of personal and commercial insurance products. State Bank enters the insurance business through the acquisition of substantially all of the assets of Boyett Agency, LLC, a privately owned, 61-year-old independent insurance agency based in Dalton, Ga. The terms of the transaction were not disclosed.
According to State Bank and Trust CEO Tom Wiley, the acquisition will deliver more than 40 carrier relationships to State Bank.
“There is a natural synergy with our growing homebuilder finance and mortgage lending groups, where the bank will be equipped to offer a full suite of insurance products with greater convenience, value and service,” he said.
The addition of Boyett Agency’s assets is not expected to have a material impact on State Bank’s noninterest income in the near future.
State Bank Financial Corp. is an Atlanta-based bank holding company for State Bank and Trust Co. and First Bank of Georgia.
Topics Mergers & Acquisitions Georgia
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