Smith and Associates Insurance Services Inc. of Charlotte, N.C., an independent property casualty agency that specializes in middle market commercial accounts has been acquired by First Charter Corp. (FCC), a large southeast insurance agency. Financial terms of the acquisition were not disclosed.
Smith & Associates will become part of First Charter Insurance Services (FCIS), a division of First Charter Bank (FCB). Smith & Associates has 12 employees, including principals John Smith and John Land. The agency will become part of FCIS, a wholly owned FCB subsidiary.
“Smith & Associates is a well-respected, professional insurance agency committed to building long-term client relationships by delivering high-quality products and services,” Clarkson McLean, FCIS president said. “The agency enjoys strong relationships with many of the same top insurance carriers that work with FCIS and it will be a welcome addition to our complete line of insurance and risk management services.”
FCIS is one of the largest insurance agencies in the southeast with 115 employees in seven locations generating more than $100 million in annual premium volume. It has grown through 10 acquisitions since 1998 and operates as a full-service insurance agency in commercial and personal property and casualty, bonds and group life and health insurance.
FCC is a regional financial services company with assets of $4.4 billion and is the holding company for FCB. First Charter operates 53 financial centers; seven insurance offices and 99 ATMs located in 18 counties throughout the piedmont and western half of North Carolina. First Charter also operates one mortgage origination office in Virginia.
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