Aquesta Bank

Aquesta Acquires Local Insurance Agency (OTC - NC)

October 30, 2009 | view all news items

Cornelius, NC – Aquesta Bank is pleased to announce the acquisition of Oswald, Trippe and Company of the Carolinas, Inc. (OTC-NC) for an undisclosed sum. Jim Engel, the President and CEO of Aquesta Bank which is based in Cornelius, North Carolina stated that he and the rest of the Aquesta Bank team are excited to have this opportunity to join forces with a full service insurance agency well known for its community focus and superior customer service. Aquesta Bank will rename the Agency to Aquesta Insurance Services, Inc. and will retain Mr. Denis Bilodeau, the current general manager of OTC-NC, as President of Aquesta Insurance Services, Inc.
 
Aquesta Insurance Services, Inc. will retain the Agency’s locations and affiliates, which include The Lake Agency of Cornelius, BMC Insurance Company of Denver, Kannapolis Insurance Agency, and Glasgow Hicks Insurance Agency in Wilmington, NC.
 
Engel stated, “We believe that OTC renamed Aquesta Insurance Services, Inc. can serve as the foundation for Aquesta Bank’s expansion of financial products and services to better serve our customers. Aquesta Bank has more than 3,500 customers while Aquesta Insurance Services, Inc. will begin with over 11,500 customers. Together, with the same great people and dedication to superior customer service, we have in place a platform for continued profitability, growth and community involvement. We simply could not be any more excited about our future together.”
 
Bilodeau, who will continue to lead the insurance services segment as President of Aquesta Insurance Services, Inc., also expressed excitement about the opportunity. He stated, “I’ve known Jim and many on the Aquesta Bank team for a number of years. I know this fit will be great for our customers, employees and communities. There simply is a wonderful cultural synergy whereby both organizations share a commitment to superior customer service, providing professional advice and a dedication to the community I believe will allow these organizations to achieve superior success.”
 
Engel also remarked that “OTC of the Carolinas Inc. has a history of serving our community in a way that complements our products and services very well. By adding an in-house insurance division of Aquesta, we are able to provide our customers more choices and better service than ever before.” “Denis exhibits a strong set of core values, leadership, and an unsurpassed commitment to customer service. We are confident that joining forces will benefit our employees as well as our valued customers.”
 
Aquesta Insurance Services, Inc will continue to offer the fine products and services formally offered under the name of OTC and its affiliates. For current customers of OTC and its affiliated agencies, the only administrative changes will be a new name and logo. Current customers need take no action as all policies and contracts will automatically transfer under the new name.
 
Aquesta Bank is a community bank dedicated to providing quality, personalized banking for the Lake Norman area.  Now, through its affiliate Aquesta Insurance Services, Aquesta Bank offers auto, home, boat, business, health, life and disability insurance.
 
For more information on Aquesta Bank, please contact Lauren Furcht, Director of Marketing at (704) 439-4343 or visit our website at www.aquesta.com.
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