State Bank Financial in Atlanta has acquired Boyett Agency to serve as the foundation for a new insurance division.
The $2.9 billion-asset company said in a press release Monday that the insurance division will offer personal and commercial products. State Bank did not disclose the price it paid for the agency.
"This acquisition delivers more than 40 top-rated carrier relationships to State Bank, providing the bank a solid opportunity to build deeper client relationships and continue to diversify the bank's income stream," Tom Wiley, State Bank's chief executive, said in the release.
The company said the deal is unlikely to influence its noninterest income in the near future.