University Bank is to acquire 100% of a second independent insurance agency, Ann Arbor Insurance Centre, for $1.13m.
Over the next few months, Shawn Shepherd and Edie Jackson will move to the Ann Arbor Insurance Centre headquarters and the two insurance agencies will be merged so that all five insurance agency employees work together in one office.
The combined agencies will now have a total of five insurance agency employees.
The acquisition will also expected to increase University Bank’s revenues and profits with insurance revenues growing from 0.8% of overall revenue, to 1.2% of overall consolidated revenue of approximately $42m.
Ann Arbor Insurance Centre’s insurance firms include Auto-Owners Insurance, Citizens Insurance and Grange Insurance.