The Bank Slate


Five Star Bank parent in New York sells insurance agency

Financial Institutions in Warsaw, N.Y., has sold its insurance agency to NFP Property & Casualty Services.

The $6.2 billion-asset parent of Five Star Bank said in a press release that it sold SDN Insurance Agency for an undisclosed amount. William Gallagher, the agency’s president, joined NFP as part of the deal.

“In the nearly 10 years since we entered the insurance space, it has proven to be a valuable line of business that supported revenue diversification,” Martin Birmingham, Financial Institutions’ president and CEO, said in the release.

The sale “allows us to capture strong value premium in this business at an important time, strengthen our capital position and support our continued focus on driving earnings in our core banking business,” he added.

Piper Sandler and Luse Gorman advised Financial Institutions. Davis+Gilbert advised NFP.

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