FOR IMMEDIATE RELEASE:
Aquesta Bank and Aquesta Insurance Agency, Inc (AISI) Announces the Sale of AISI’s Benefits Practice
CORNELIUS, NC – January 3, 2013 -- Aquesta Bank and its wholly owned subsidiary (AISI) announced today the sale of its employee benefits practice to Lake Norman Benefits, Inc in Mooresville. Aquesta’s benefits practice represents one facet of AISI’s insurance offerings. While AISI is primarily an independent insurance agency offering commercial and personal property and casualty insurance, AISI also contained a smaller business unit focused on employee benefits (e.g., medical, supplemental life and disability insurance).
Denis Bilodeau, President of AISI, explained that the sale of this single unit will allow AISI to focus on continued growth of its primary insurance line for property and casualty insurance while also providing a broader product and service offerings through Lake Norman Benefits, Inc. to the former AISI benefits customers.
David C. Contorno, President and CEO Lake Norman Benefits stated “Acquiring the employee benefits business unit from Aquesta is an important part in our 2013 growth plans. While our intrinsic growth has been, and continues to be, outstanding – this type of growth-through-acquisition give us the advantage of increased economies of scale that will allow us to provide all of our clients with even higher levels of service than those which they have become accustomed to from Lake Norman Benefits.”
Jim Engel, President and CEO of Aquesta Bank (parent of AISI), said “I’m excited that we were able to complete this transaction prior to year end. Although the sale itself had only an immaterial impact on fourth quarter results, the accounting allows for release of significant intangible from our balance sheet with the effect of further strengthening our already strong tier 1 capital. Our agency can now focus on continuing to grow it’s primary business while our benefits customers receive excellent care with Lake Norman Benefits, Inc.”
Aquesta Bank is a commercial bank which serves the Lake Norman market with a focus on small to medium sized businesses and professionals. The Bank operates branches in Cornelius, Davidson and two in Mooresville. Aquesta Bank’s wholly owned independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Concord, Mooresville and Wilmington.
For additional information, please contact Denis Bilodeau (President of Aquesta Insurance Services, Inc.) or Jim Engel (Chief Executive Officer and President) at 704-439-4343 or visit us online at www.aquesta.com.