SEFCU Expands Insurance Presence

ALBANY, N.Y. - The $1.4-billion SEFCU has purchased a local insurance agency, and indicated other similar acquisitions may follow. The credit union purchased the Colonial Insurance Agency LLC and its subsidiary, Kenneth Fake Agency. Terms were not disclosed. Both will become part of the SEFCU Insurance Group. The credit union said all 34 Colonial employees will retain their jobs. According to local media reports, Colonial had $20 million in premium volume and $2.4 million in revenue and operates eight offices. SEFCU Insurance will now operate from those same offices, as well as the credit union's 24 branches. The credit union told a local newspaper that it will look at other similar acquisitions. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com