FARGO, N.D. Community First Bankshares Inc. has bought C.R. Motis Insurance Agency Inc. in Casper, Wyo.
The deal was closed Thursday through Community Firsts affiliate, Community First Insurance Agencies Inc. The bank now owns 46 agencies.
C.R. Motis also has offices in the Wyoming cities of Cody, Green River, and Laramie; it had total revenue last year of more than $1.5 million.
Darwin Robinson, vice president of financial services and head of the insurance division at $6 billion-asset Community First, said the banks acquisition strategy is to buy independent agencies in towns where it has branches. The company cross-markets insurance to its banking customers and bank products to the customers of its insurance agencies, he said.
The banking companys financial services include investments, insurance, mortgage, and trust, and it focuses on small-business lending.
According to Mr. Robinson, the companys insurance business is about 70% property/casualty, including homeowners, auto, and crop, and farm coverage. The agencies also sell life and health and annuities, he said.
The agencies serve communities in seven of the 12 states in which Community First operates Colorado, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, and Wyoming. The other five states in which it owns banks are Arizona, California, New Mexico, Utah, and Wisconsin.
The company intends to continue expanding its insurance business, adding products and markets, Mr. Robinson said.