Stoneham (Mass.) Savings Bank said it is awaiting state regulators' approval of its plan to buy two insurance agencies.
The $260 million-asset bank plans to buy and merge the operations of Robert F. O'Neil Insurance Agency and W.G. Leavitt & Son Insurance Agency in the next three months.
Both agencies sell auto, home, life, health, and business insurance. And Joseph C. Cioni, Stoneham's president, said they are "the two largest agencies in Stoneham."
The bank has been seeking to add insurance since 1996, when a survey of 400 bank customers found interest in these products, Mr. Cioni said.
But until last year Massachusetts had prohibited state-chartered banks from selling insurance.
Though Mr. Cioni would not discuss the revenues of the two agencies, he said insurance sales could become as much as 10% of the bank's revenues after the deal closes.