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Huntington National Bank Buys Insurance Agency

ORLANDO-The asset purchase, for an undisclosed price, may set a trend for other financial institutions to follow, industry watchers say.

By Alex Finkelstein | Updated on August 25, 2000

In what may evolve into a statewide banking trend, Huntington Bancshares Inc. now owns the first major insurance agency sold to a bank in Florida.

The Columbus, OH-based institution purchased the assets of 50-year-old J. Rolfe Davis Insurance Agency Inc. for an undisclosed price. The amount of real estate involved in the deal was also not disclosed.

Davis executives will continue to run the agency for Huntington National Bank, the primary subsidiary of the Ohio parent. The agency this year expects to generate $150 million in premiums and about $15 million in revenue. Davis has 30 agents and a support staff of 70. The agency hopes to garner new business leads through the bank’s customers.

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