State Bank & Trust Co. has launched an insurance division, the company announced Monday.
The new personal and commercial insurance offerings were made possible following State Bank’s acquisition of “substantially all of the assets” of Boyett Agency LLC, a privately owned independent insurance agency based in Dalton, according to a news release.
The terms of the transaction were not disclosed.
“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,” State Bank CEO Tom Wiley said in the release. “There is a natural synergy with our growing home builder finance and mortgage lending groups, where the bank will be equipped to offer a full suite of insurance products with greater convenience, value and service.”
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State Bank’s non-interest income is not expected to be materially affected due to the addition of the Boyett Agency’s assets.
Macon-based State Bank & Trust Co. is a wholly-owned subsidiary of Atlanta-based State Bank Financial Corp. (Nasdaq: STBZ). State Bank operates 21 banking offices in metro Atlanta and Middle Georgia.