Magazine article American Banker

M&T Unit Plans to Buy Agencies in Footprint

Magazine article American Banker

M&T Unit Plans to Buy Agencies in Footprint

Article excerpt

M&T Insurance Agency Inc. says it is looking for agency deals in the parent M&T Bank's expanding footprint in order to bolster fee income and cross-selling.

John Rumschik, recently named president and chief operating officer of M&T Insurance, said he is seeking agency deals in the upstate New York, central Pennsylvania, Maryland, Virginia, and District of Columbia markets in which the bank operates. He declined, however, to discuss pending deals or a timetable for acquisitions.

"Ideally, we would like a property and casualty presence throughout the bank's footprint," he said. It currently has agency operations in Buffalo and Syracuse, N.Y.

The bank also announced last week that it had changed the name of the agency subsidiary to better accord with an expansion from its Buffalo base. The unit had borne the name of the commercial property and casualty agency Matthews, Bartlett & Dedecker Inc. but is now called M&T Insurance Agency. Mr. Rumschik, a vice president at Matthews Bartlett, was promoted to lead the renamed agency.

The name change better brands M&T's property and casualty products, Mr. Rumschik said.

The property and casualty business generates $10 million of annual revenue, he said. He wants to add revenue through both organic growth and agency deals but would not discuss revenue goals.

"We want to grow the property and casualty presence of M&T," he said, "and the best way is through agency acquisitions. …

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