The agreement expands AHM’s insurance business and advances First Bank’s selling of non-core businesses
First Bank has divested its Adrian N. Baker insurance business to AHM Corporation Holdings, an insurance and asset management firm, in a $15 million stock purchase agreement, reported St. Louis Business Journal.
As per the source, the agreement expands AHM’s insurance business and advances First Bank’s selling of non-core businesses, as the bank is incurring losses as a consequence of bad loans.
The key investors in the purchase are Rob Vitale, managing director of AHM, Chase Butler, who formed AHM with Vitale, and Bill Stiritz, chairman of Ralcorp Holdings.
Bush O’Donnell & Company is a lender through its Eagle II private debt and equity fund.
Jim O’Donnell, president and chief executive of Bush O’Donnell, said: “We’ve known Rob Vitale for several years, respect his business acumen, and are happy to be part of this new initiative.”
Adrian Baker provides commercial, employee benefit and personal insurance to corporate and individual clients nationwide, quoted stlouisbizjournals.com.