First Union Buys Regional Broker

First Union Bank, the nation’s sixth-largest bank, has purchased the Tribus Company, a major Northeast regional insurance brokerage and consulting firm. First Union Corp., based in North Carolina, finalized the purchase late last month. Terms of the transaction were not disclosed.

The New Jersey-based brokerage will be renamed Tribus First Union Insurance Services. First Union Insurance Group’s mid-Atlantic agency, formerly known as Taylor & Clark, will become part of the new organization. The Tribus Company offers a wide range of commercial and personal insurance covering, employee benefits, and restaurant and catering specialty coverages. The company employs more than 200 people, and last year reported annual revenues of $24 million.

First Union Corp., with assets of $258 billion and more than 2,200 bank offices from Connecticut to Florida, is the nation’s sixth-largest bank. The corporation is also the sixth-largest securities brokerage in the country and is ranked among the top three in small business and cash management operations.

Topics Mergers & Acquisitions Agencies