RSC Insurance Brokerage, Inc. acquired First Insurance and Investments, Inc. from Premier Financial Corp..
June 29, 2023
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RSC Insurance Brokerage, Inc. acquired First Insurance and Investments, Inc. from Premier Financial Corp. (NasdaqGS:PFC) on June 30, 2023. The agency will continue to operate as First Insurance Group, a division of Risk Strategies. Utilization of sale proceeds is expected to improve net interest income that effectively offsets pre-tax earnings previously generated from FIG.
RSC Insurance Brokerage, Inc. completed the acquisition of First Insurance and Investments, Inc. from Premier Financial Corp. (NasdaqGS:PFC) for $47.4 million on June 30, 2023. Consideration included a combination of cash and a subordinated note resulting in net cash received of $47.4 million after certain transaction costs at closing, the assumption of certain leases, and contingent consideration subject to certain performance criteria by the Buyer to be determined after the year ended December 31, 2026. Phil Trem and Gerard Vecchio of MarshBerry served as the financial advisor to First Insurance Group.
Premier Financial Corp. is the holding company for Premier Bank (the Bank). The Bank is primarily engaged in community banking. It attracts deposits from the general public through its offices and Website, and uses those and other available sources of funds to originate residential real estate loans, commercial real estate loans, commercial loans, home improvement and home equity loans and consumer loans. In addition, the Bank invests in United States Treasury and federal government agency obligations, obligations of states and political subdivisions, mortgage-backed securities that are issued by federal agencies, including real estate mortgage investment conduits (REMICs) and residential collateralized mortgage obligations (CMOs), and corporate bonds. The Bank offers customers a range of deposit products including demand, checking, money market and savings accounts. The Bank operates approximately 75 branches and nine loan offices in Ohio, Michigan, Indiana and Pennsylvania.