Financial Institutions in Warsaw, N.Y., has agreed to buy an insurance agency in Rochester, N.Y.
The $5 billion-asset parent of Five Star Bank said in a press release Monday that it will buy Landmark Group, which will be absorbed by its SDN Insurance Agency unit. Financial Institutions did not disclose the price it will pay.
The deal is expected to close in the first quarter.
Landmark is an independent insurance brokerage firm that provides insurance, surety and risk management services to industries that include construction, manufacturing, real estate and technology. The firm also offers personal insurance.
Kelly Shea, Landmark’s founder and chairman, and Christopher Shea, the firm’s president, will remain with SDN after the transaction closes.
“This acquisition demonstrates our continued commitment to the growth and diversification of noninterest income through the expansion of our insurance business in the Rochester/Finger Lakes region,” Martin Birmingham, Financial Institutions’ president and CEO, said in the release.
