The Fitzgerald-based Colony Bankcorp agreed to pay $3.5 million to purchase an agency in Monroe, Georgia. The deal signals the potential return of more banks buying insurers than selling them.

The Indiana bank said it struck a $40 million cash deal to sell its insurance brokerage to the Hilb Group. It joined a growing number of lenders announcing such transactions.

The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.

Banks' sales of insurance agencies for eye-popping multiples emerged as one 2023's notable trends. Though the bandwagon shows no sign of slowing, several prominent community banks appear to be holding on to their insurance operations.

The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.

Proceeds from the sale provide the bank with "flexibility to evaluate and pursue various strategic initiatives to redeploy capital in support of our core banking business," Evans CEO David Nasca said.

The intersection of fintech and ag banking is still ripe for innovation. Banks and fintechs are looking for specialized solutions for their ag customers, from harvesting data to managing cash flow fluctuations.

High-net-worth clients with large policies borrow, on average, $500,000 to $800,000 to pay their premiums. Peapack-Gladstone predicts the product, which it launched this month, will be one of its top business lines within six years.

Some companies on SourceMedia’s Best Fintechs to Work For list offer their employees extra time off to live boldly.

The insurance giant said it would need to make a “significant additional investment” to gain scale and be competitive. It has hired an investment banker to help it unload deposits and loans.