Oneida Financial Corp. of Oneida, N.Y., has signed a letter of intent to acquire the North Syracuse insurance agency Parsons, Cote & Co. Inc.
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The deal was announced Thursday. The $447 million-asset Oneida did not say how much it would pay. Richard E. Cote, the president of Parsons Cote, would stay with the company.
Oneida said it expects to close the deal, which is subject to the execution of a definitive purchase agreement and regulatory approvals, early next year.
The buyer already owns the Bailey & Haskell Associates Inc. insurance agency, which has offices in Oneida, Canastota, Cazenovia, Chittenango, Liverpool, North Syracuse, and New Hartford, N.Y.
