San Antonio’s Jefferson Bank and Sanger & Altgelt Insurance Agency Merging

San Antonio’s third-largest locally owned banking institution and 111-year-old insurance and risk management agency Sanger & Altgelt have agreed to a merger, effective immediately, the companies announced. All Texas regulatory approvals have been received.

A new entity, Sanger & Altgelt LLC, has been formed by Jefferson Bank to accommodate the merger, said Jefferson Chairman of the Board Steve C. Lewis. There will be no change in the management, location or personnel at Sanger & Altgelt.

Joe N. Haynes will remain president and chief executive officer, and Tina Haynes will remain executive vice president and chief operating officer of the agency. Joe N. Haynes will join the board of directors of Jefferson Bank.

The merger will allow the 65-year-old, family-owned Jefferson to expand its operations and offer its customers a wide range of personal and business insurance services, while Sanger & Altgelt clients will have access to the entire scope of banking, wealth management and trust department services of Jefferson Bank, according to Lewis.

“This is the first merger in the 65-year history of Jefferson Bank,” said Lewis. “In Sanger & Altgelt, we saw an opportunity to expand the services we can offer our customers by coming together with another family-owned institution that shares our values and our focus on building long-term relationships.”

Sanger & Altgelt LLC will maintain all its contractual relationships with the agency’s current insurance carriers, Haynes said. All contact information for Sanger & Altgelt will remain the same, and it will continue operations at its current location.

Source: Jefferson Bank, Sanger & Altgelt