Colony Bankcorp in Fitzgerald, Ga., is bucking a trend in banking by acquiring an insurance agency.
The company said in a press release that it bought The Ellerbee Agency, an Allstate-appointed consumer property and casualty insurance agency. The price wasn’t disclosed.
The agency will become part of Colony Insurance. Sean Ellerbee, who led the agency, will join Colony Insurance’s leadership team.
“This acquisition supports our strategy of efficient growth and scalable expansion while staying true to our purpose of enabling progress in the communities we serve and delivering long-term value to our shareholders,” Heath Fountain, Colony’s CEO, said in the release. “The addition of experienced talent, strong customer relationships, and new markets positions us well for continued success.”
Many banks have been shedding their insurance agency operations in the past couple of years.