U.S. Trust said Thursday that it would buy Brewer & Lord, a 129-year-old insurance agency in Norwell, Mass. The agency provides property and casualty and employee benefit insurance to people and corporations.
The deal is expected to close by May. Terms were not disclosed.
"As a commercial bank, we're just looking to serve the needs of both individual and corporate customers," said Linda Tocci, a bank spokeswoman.
U.S. Trust, a subsidiary of $5.7 billion-asset UST Corp., was waiting for the legal opening to provide insurance to its customers, she said.
That came in May when Massachusetts enacted legislation clearing the way for state-chartered banks to sell insurance. Though no further acquisitions are planned, the bank would be open to further deals, she said.