Large financial institutions get most of the attention when it comes to buying insurance companies, but First State Bank in Webster City, Iowa, is showing that a bank does not have to be big to have a healthy appetite for insurance agencies.
The $242 million-asset bank's insurance unit, Town and Country Insurance, has bought 15 agencies in the past 25 years 14 in the past 17 years. It ranks first in insurance income among banks with $100 million to $300 million of assets, according to Michael White Associates' Insurance Brokerage Fee Income Ratings Report.
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