American National Bank of Texas in Terrell announced Tuesday that it had bought a Dallas insurance agency, Sleeper, Sewell & Co., with $60 million of premiums.
The deal's terms were not announced.
Robert A. Hulsey, American National's president and chief executive officer, said in a press release that the deal would help the bank meet insurance needs of its customers who are served through 19 offices in the Dallas area and northeastern Texas. American National has $1 billion of assets and is one of the oldest independently owned banks in the state.
Sleeper Sewell is a 43-year-old agency and has 47 employees. MarshBerry, a Concord, Ohio, agency deal broker, represented the bank.
Paul Vredenburg, a MarshBerry senior vice president, said in a release that the deal gives American National "a premier foundation agency … in the Dallas marketplace." The agency will give the bank cross-selling opportunities with its commercial customers, he said.
