YOUNGSTOWN, OHIO - FFY Financial Corp., which owns FFY Bank, said last week that it has bought Moreman-Yerian Insurance Agency and intends to continue snapping up local agencies.
Terms of the purchase were not disclosed.
"We want to continue to expand into the property and casualty area, because most of our sales have been through that sector," said Dan Landers, chief executive officer of FFY Insurance, a division of the banking company. "Hopefully this won't be our last expansion."
Moreman-Yerian had $5.5 million of premium sales last year, much of that in property and casualty sales in Mahoning, Trumbull, and Columbiana counties on the Pennsylvania border.
FFY Bank, with $665.6 million of assets, has not offered insurance products through its 12 branches, Mr. Landers said. FFY Insurance had $1.3 million of premium sales in 1999.
"The folks in the branches are banking experts, and the folks in the insurance agency are insurance experts - and we want to keep it that way," Mr. Landers said. "I know that's not the norm, but we're going to keep it that way for now."