SAN ANTONIO - IBC Insurance Agency Inc., a year-old subsidiary of Laredo's International Bank of Commerce, has acquired its third insurance agency, Grove Agency Insurance Inc. of Corpus Christi.
Forty-year-old Grove specializes in commercial lines and group health insurance. It became part of IBC Insurance Agency but retains its management, producers, and staff.
The price was not disclosed. The deal closed April 1 but was not announced until May 4.
IBC Insurance already had offices in San Antonio, and Laredo, and it plans to acquire agencies in Brownsville, Houston, and McAllen, Tex., or open them in International Bank of Commerce branches there.
The parent International Bancshares Corp. of Laredo owns several Texas banks with $5.8 billion of assets and more than 100 locations in 30 Texas communities.