Bank of Smithtown in New York said Wednesday that it has agreed to buy Seigerman-Mulvey Co., an insurance agency in East Setauket, N.Y., and its joint venture partner the past four years.
The agency has more than $3 million of annual revenue. It is owned and operated by Barry Seigerman, John Mulvey, and Joanne Bentivegna, who are all expected to remain. Mr. Seigerman has been a director of Bank of Smithtown and its parent company, Smithtown Bancorp, since 1994.
The price was not disclosed, but bank chairman Bradley E. Rock said in a press release that it would depend on the agency's contribution to the bank's net income during the next three years. The deal is expected to be immediately accretive to earnings, he said.
