First National Bank of Santa Fe in New Mexico has sold its insurance business to Hub International, a brokerage based in Chicago.

The $1.7 billion-asset First National said in a press release Monday that it sold First Santa Fe Insurance Services. The price was not disclosed.

"First National is exiting the insurance business … to focus on our core banking businesses in which we have deep expertise," John Asbury, the bank's chief executive, said in the release.

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