Tompkins Trustco Inc.’s Tompkins Insurance Agencies Inc. subsidiary signed a letter of intent to buy H.A. Carey Co. of Ithaca, N.Y.
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A Tompkins spokesman wasn't immediately available to comment on financial terms. The deal is expected to close Dec. 31.
H.A. Carey, also known as the Carey McKinney Group, is an insurance agency with 11 employees.
Donald Kompf and Frank Smith, who own and operate Carey along with the estate of Pater Wadach, will both serve as senior vice presidents of Tompkins Insurance Agencies.
In recent trading, the company's American Stock Exchange-listed shares were down 92 cents, or 2%, at $46.23.
