Business Moves

First Bank, Adrian N. Baker & Co.

First Bank, a Missouri state chartered bank and wholly owned subsidiary of First Banks Inc. headquartered in St. Louis, Mo., and Clayton, Mo.-based insurance brokerage Adrian N. Baker & Company, announced that First Bank will acquire Adrian Baker as part of a stock purchase agreement.

Under the terms of the agreement, First Bank will acquire all of the outstanding shares of common stock of Adrian Baker.

Adrian Baker is a privately owned in-dependent insurance brokerage firm that provides a comprehensive range of employee benefits, commercial and personal insurance services. Adrian Baker has been in business for over 65 years and services multiple clients on a nationwide basis.

On Dec. 31, 2005, First Bank reported assets of $9.17 billion, loans, net of unearned discount, of $7.02 billion, deposits of $7.54 billion and stockholders’ equity of $678.9 million.

Hub, Citizens Financial

Hub International Limited closed its acquisition of three Massachusetts insurance brokerages of Citizens Financial Group Inc.

As part of the deal, Hub and Citizens entered into a previously announced strategic alliance in which the two will leverage their insurance and banking expertise to provide expanded products, services and support to clients.

Hub financed the $80 million acquisition largely through a new credit facility entered into with The Bank of Montreal.

The three insurance brokerages now part of Hub International are: Citizens Clair Insurance Group, based in Norristown, Penn.; Brewer & Lord, based in Norwell, Mass.; and Feitelberg Insurance, based in Fall River, Mass.

On a combined basis, the three brokerages had revenue of approximately $45 million in 2005, and operate from 19 offices in Pennsylvania, Massachussetts and Rhode Island.

St. Paul, Zurich

Saint Paul, Minn.-based St. Paul Travelers Companies Inc. said recent reports, including a Wall Street Journal article that claimed the company was in discussions with Zurich Financial Services Group regarding the possibility of a merger with Zurich, are not true.

Shares of Swiss insurance company Zurich Financial Services rose sharply following the report by the Wall Street Journal that St. Paul Travelers was in the early stages of negotiating a takeover bid, while St. Paul shares slipped on the New York Stock Exchange. Analysts cautioned that a potential deal faces hurdles, not the least of these being possible opposition by Zurich Financial’s management.

Some Associated Press reporting was used in this story.

Western National, Farmers Home Group

Western National Insurance Group, based in Edina, Minn., formed an affiliation with Farmers Home Group of Bloomington, Minn. The boards of directors of the respective companies approved the transaction at recent meetings.

It is anticipated that the Farmers Home companies will continue to operate as separate entities in their personal lines niche, under the joint management and control of Western National, a news release by Western National Insurance Group revealed.

The transaction is expected to close by June 2006.