Financial Institutions (FISI) in Warsaw, N.Y. has agreed to buy Scott Danahy Naylon, an insurance agency in Amherst, N.Y.
Scott Danahy provides a personal and business insurance services to more than 6,000 clients in 44 states. Under the terms of the agreement, the agency will operate as a subsidiary of Financial Institutions.
The acquisition "is a strategically important first step to diversify our revenue base by increasing noninterest income" while providing a scalable platform that will support "our future growth in insurance sales," Martin Birmingham, Financial Institutions president and chief executive, said in a press release Wednesday. Birmingham became CEO last year.
The $2.7 billion-asset Financial Institutions said it expects to complete the acquisition early in the third quarter.