Lockport Savings Bank has announced that it will buy one of the largest full-service insurance agencies in western New York State.
The $1.3 billion-asset thrift plans to buy Warren-Hoffman & Associates Inc., the second-largest full-service insurance agency in western New York, with offices in Buffalo, Niagara Falls, and Williamsville. Terms of the deal, which is expected to close by January, were not disclosed.
This would be the first time a banking institution in the region has bought an insurance agency, said William E. Swan, Lockport's chief executive officer.
The deal would include Warren-Hoffman's affiliate companies, including Grand Island-based NOVA Healthcare Administrators, a third-party administrator of employee benefits.
Warren-Hoffman, established in 1968, and its affiliated companies have annual premium volume of more than $72 million, with gross commissions of $12 million.
The companies sell insurance products including personal and commercial insurances, surety bonds, risk management, employee benefits and administration, and life, disability, and long-term care coverage.
This would be Lockport's first acquisition since its stock offering in April.