Guaranty Insurance Services, Inc., the second-largest independent insurance agency in Texas, has acquired South Valley Insurance of Bakersfield, Calif.
South Valley Insurance (SVI) will operate as a division of Walter Mortensen Insurance, Guaranty Insurance’s affiliate operation in the Central Valley area. SVI has six employees and annual revenues of $1.5 million.
“South Valley Insurance has a similar product menu and operates with the same ethics and integrity as we do,” said Hal Shults, president and CEO of Guaranty Insurance Services Inc. “It is a natural fit. Together we will be able to offer more extensive insurance and financial services products to our clients in the Bakersfield and surrounding Central Valley area, complemented by the banking and lending operations of our parent, Guaranty Bank.”
This acquisition is another step in a growth trend by Guaranty Insurance Services in both Texas and California. In February 2002, the agency bought James Econn and Company Insurance of Los Angeles. In February 2004, Guaranty acquired TCT Insurance Group, one of the largest agencies in the in the Dallas-Ft. Worth Metroplex. In January 2005, Guaranty Insurance had it largest acquisition to date with Walter Mortensen Insurance with nine branches in the Bakersfield, Calif., Central Valley area.
Guaranty Insurance Services Inc. is member of the Guaranty Financial Services family of companies, which includes Guaranty Bank. With assets of more than $17 billion, Guaranty Bank operates a network of banking centers throughout Texas and California. Guaranty Financial Services is a wholly owned subsidiary of Temple-Inland Inc.
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