Community First Bankshares of Fargo, N.D., said it bought two Colorado insurance agencies to add to its Community First Insurance Agencies subsidiary.
The subsidiary has about $7 million in commission revenues and the transactions last week bring to 33 the number of agencies operated by the bank across most of its 10-state region, said Brad J. Rasmus, senior vice president of financial services for Community First Bankshares.
"We're approaching the top 100 (agencies) in terms of size," Mr. Rasmus said.
He said Community First will look to add agencies wherever the bank has a presence.
The two new acquisitions, Reynolds Insurance Inc. in Gunnison and Thad Scholl Insurance Agency in Holyoke, are property and casualty specialists that operate in towns where the bank already owned agencies, Mr. Rasmus said. Last year Reynolds had $193,000 in commission income while Scholl had $80,000, he said.