Financial Institutions to acquire insurance brokerage firm Landmark Group
Financial Institutions, Inc. has agreed to acquire the assets of New York State-based insurance brokerage firm Landmark Group for an undisclosed price.
The acquisition is being carried out through the bank holding company’s subsidiary SDN Insurance Agency. Financial Institutions, Inc is also the parent company of Five Star Bank, Courier Capital, and HNP Capital.
Since 1984, Landmark Group has been providing insurance, surety and risk management solutions across various business sectors such as construction, manufacturing, technology, and real estate, and also individual personal insurance.
Martin K. Birmingham – president and CEO of Financial Institutions, Inc. said: “This acquisition demonstrates our continued commitment to the growth and diversification of noninterest income through the expansion of our insurance business in the Rochester/Finger Lakes region.”
Financial Institutions, Inc. to acquire insurance brokerage firm Landmark Group
Landmark Group’s founder and chairman Kelly M. Shea and president Christopher K. Shea will remain with SDN Insurance Agency. The duo after the closing of the deal, will lead the Rochester operations of SDN Insurance Agency and continue their long-term relationship with existing clients.
Christopher K. Shea said: “It’s clear that the values of Five Star are in alignment with our strong commitment to providing our clients with innovative and comprehensive risk management solutions. We are looking forward to working with our new Five Star partners to further strengthen existing client relationships by leveraging banking, insurance, and investment services.”
The deal, which is subject to customary closing conditions, is expected to be wrapped up in Q1 2021.