Large financial institutions get most of the attention when it comes to buying insurance companies, but First State Bank in Webster City, Iowa, is showing that a bank does not have to be big to have a healthy appetite for insurance agencies.

The $242 million-asset bank's insurance unit, Town and Country Insurance, has bought 15 agencies in the past 25 years — 14 in the past 17 years. It ranks first in insurance income among banks with $100 million to $300 million of assets, according to Michael White Associates' Insurance Brokerage Fee Income Ratings Report.

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