First United Corp. of Oakland, Md., announced it has bought an insurance agency, its first such transaction.
Last week the $667 million-asset banking company, the parent of First United Bank and Trust, bought Gonder Agency, also of Oakland. Terms were not disclosed.
The deal gives access to new prospects, which improves the agency's clout with insurers, said Terry R. Helbig, who sold the business to the bank and now is its president and chief operating officer. The agency has already secured contracts through new underwriters, he said.
"I felt early on that this was going to be a good match," Mr. Helbig said.
Last year the 78-year-old agency generated $600,000 of commission income through sales of life, property and casualty, and commercial insurance, Mr. Helbig said.
Gonder, which has six agents, will keep its name and add two agents to help handle leads from the bank, Mr. Helbig said.