Community Bank System, Inc, a New York-based bank which operates more than 225 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A., announced its first insurance agency acquisition in New England. OneGroup, Community Bank System’s wholly-owned insurance agency subsidiary, announced that it has acquired the assets of Thomas Gregory Associates Insurance Brokers, Inc. (“TGA”). A specialty-lines insurance broker based in Boston, TGA is OneGroup’s first agency acquisition in Massachusetts and expands its geographic footprint into the New England marketplace for the first time.
“We are very excited to be partnering with TGA, a respected and growing provider of both personal insurance and specialty-lines business risk insurance,” said Community Bank System President and Chief Executive Officer, Mark E. Tryniski. “The transaction will strengthen and complement our existing OneGroup insurance and risk management service offerings, and represents an attractive opportunity to expand our insurance business in New England. We are delighted to welcome the entire TGA team to the Community Bank System organization and look forward to the future of the combined company.”
In addition to providing OneGroup with a New England presence, the addition of TGA and its capabilities will also bring additional specialty-lines expertise to the organization that management expects to leverage across the broader Community Bank System customer base. The agency is also expected to give OneGroup a profile of approximately $35 million in annual revenues.
More about One Group and Community Bank System
Community Bank System, Inc. operates more than 225 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of over $14.8 billion, the DeWitt, N.Y. headquartered company is among the 125 largest banking institutions in the country.
The bank’s OneGroup subsidiary boasts a team of over 200 advisors and specialists providing risk management services, business insurance, personal insurance, employee benefits and human capital consulting, as well as retirement plan consulting through its affiliated OneGroup Retirement Advisors, from eighteen offices located in New York, Pennsylvania, South Carolina, Florida and now Massachusetts.
