First Bank Insurance Services has signed an agreement to acquire North Carolina-based insurer Bankingport, for an undisclosed sum.
Established in 1948, Bankingport provides a full line of property and casualty, life and health insurance products for both individuals and businesses.
The deal will allow First Bank Insurance to provide a greater extent of insurance products to its customers, in addition to Bankingport’s insurance customers with a full range of commercial banking products and services.
Bankingport president Bill Ray said: "First Bank Insurance has an excellent reputation and we are excited to partner with them as they bring a wide range of support to the combined agency, including human resources, information technology, and marketing."
First Bank Insurance executive vice-president Tim Maples said: "Bankingport is an outstanding insurance agency with an excellent team focused on its customers’ needs.
"Bankingport and First Bank Insurance share a common goal to provide exceptional customer service."
According to First Bank, Bankingport will continue to operate under its name for an undetermined period subsequent to the closing of the deal and both parties will continue to operate out of their respective offices with staff levels unaffected.
Subject to customary closing conditions, the deal is expected to complete in January next year.
First Bank Insurance provides services to its customers through locations in Southern Pines and Troy, North Carolina.
Image: Bankingpor offers a full line of property and casualty, life and health insurance products. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.