By Mike W. Thomas, Reporter – San Antonio Business Journal
The Bank of San Antonio has completed a buyout of Luhn-McCain Insurance Agency Ltd., and will merge it with its new insurance subsidiary. Financial details of the acquisition were not released.
Brent Given is president and CEO of Bank of San Antonio and chairman and CEO of its subsidiary, Bank of San Antonio Insurance Group Inc. Michael Grossman is president of the subsidiary. Given says they plan to keep the Luhn-McCain name and retain all 11 employees after the merger.
Luhn-McCain, which had $2 million in revenues last year, was founded in San Antonio in 1985 by Marietta McCain and George M. Luhn Jr. It represents the majority of A+-rated insurance and more than 50 specialty insurance companies and offers property & casualty and employee benefits solutions for businesses as well as serving many individuals.
“As we looked to increase the overall financial services capabilities of The Bank of San Antonio, it became apparent that Luhn-McCain was a perfect fit as an insurance provider,” says Given. “Having Luhn-McCain join us, and retaining its identity, will further strengthen the portfolio of services we can offer to our banking clients.”
The Bank of San Antonio was founded in June 2007 with $25 million in assets. Today, the company has some $400 million in assets and four locations.
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