Arrow Financial Corp. in Glens Falls, N.Y., said it has a deal to buy the area insurance firm Loomis & LaPann Inc. for an undisclosed price.

The two-bank holding company said Friday that the insurance agency is to operate as a subsidiary of its largest unit, Glens Falls National Bank and Trust Co.

The $1.9 billion-asset Arrow also owns the insurance agency Capital Frontier Group Inc. that sells group health and life insurance. Capital Frontier is to remain a separate agency.

The deal for Loomis & LaPann is expected to close April 1.

This story has been reprinted with permission from American Banker.

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