SARATOGA SPRINGS – On Tuesday, the Adirondack Trust Company announced that officials have signed a letter of intent to purchase the assets of the Sutton and Tarantino Insurance Agency, one of the Saratoga Region’s leading, independent insurers based in Saratoga Springs with a satellite office in Ballston Spa.
The transaction is expected to close by January 1, 2018, according to an official statement that was released.
In addition to its banking operations, Adirondack Trust operates two insurance divisions, the Adirondack Trust Insurance Agency in Saratoga Springs and Amsure, based in Colonie.
Sutton and Tarantino is widely recognized as a respected insurance agency that has represented individuals, families and businesses in the Saratoga County community since 1955.
In the Sept. 5 statement, Rod J. Sutton noted, “I am looking forward to having my entire team of insurance professionals join the highly skilled insurance staff at the Adirondack Trust Insurance Agency. Our organizations’ shared cultures, values and commitment to superior customer service prove to be a natural and exciting fit for the future. We look forward to offering our clients a broader variety of financial services on a local, independent and personal basis. Our combined entities will offer our individual and business clients the most competitive, comprehensive and independently developed insurance options available in the marketplace.”
Charles V. Wait, chairman of the Adirondack Trust Co., said, “With this letter of intent to purchase the Sutton and Tarantino Insurance Agency we are very pleased to enhance Adirondack Trust’s tradition of excellence. Rod and his staff have provided invaluable insurance services to countless individuals and businesses for over 60 years. Coupled with the strength of the Adirondack Trust Insurance Agency, our combined depth and knowledge of personal and business insurance services is unmatched in this area. We are committed to providing our core values of service, stability, safety and sound advice to all of the Sutton and Tarantino clients.”
Over the last 17 years, Adirondack Trust has acquired Wise Financial Group of Saratoga Springs, Round Lake Company of Malta, Client’s First of Ballston Lake, and Amsure Associates of Albany. The combined entity is one of the largest insurance agencies in the Capital Region based on annual revenue.
Eugene Quirk, president of the Adirondack Trust Insurance Agency, did not return calls for comment.
Ronald Klug, a spokesman for the New York State Department of Financial Services, confirmed this week that the Adirondack Trust asset purchase would require a formal application and review by the department.
Klug said such factors as a company’s capital adequacy, asset quality, management structure, internal controls and projected financial condition are all considered. Most transactions, he added, are approved after 30 days of review.
The Adirondack Trust Co. is an independent, locally owned and operated, community bank offering a wide variety of business and personal financial services. The bank has more than $1 billion in assets and thirteen branch offices. It offers banking, trust, insurance and wealth-management services, and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its primary market area.
Adirondack Trust is a Bauer five star-rated superior bank. The company's website is www.adirondacktrust.com.
