Zions First National Bank (“Zions Bank”), a subsidiary of Zions Bancorporation (Nasdaq: ZION), announced that an agreement has been signed under which Zions Bank will sell its insurance agency, Grant-Hatch & Associates, Inc., as well as certain books of business booked in ZionsDirect and Zions Insurance Agency, to the Leavitt Group.
Established in 1952, Cedar City, Utah-based Leavitt Group Enterprises is the 17th largest insurance broker in the United States, writing $1.2 billion in annual premiums. The Leavitt Group has 115 locations nationwide.
Pursuant to the terms of the agreement, Zions Bank and the Leavitt Group will enter into a referral-based revenue sharing agreement on the sale of retail and commercial insurance products to Zions Bank clients. Other than a handful of employees who will remain with Zions Bank, each of the employees within Grant-Hatch will become employees of the Leavitt Group.
In keeping with the Leavitt Group model of affiliated independent insurance agencies, the Grant-Hatch agency will become a separate entity, owned by its on-site managers, Norm Squires, Roger Ricks, and Randy Gruninger, and by Leavitt Group Enterprises, Inc. Financial terms of the transaction have not been disclosed. The transaction is expected to be completed by the end of the first quarter of this year.
Scott Anderson, president and chief executive officer of Zions Bank, noted that the sale of Zions Bank’s insurance business to the Leavitt Group will provide Zions Bank clients with greater access to the best available insurance products at the most competitive pricing. “We are delighted that our clients will have access to the experience, focus, and resources of the Leavitt Group,” said Anderson.
“The combination of the Leavitt Group with the strength of the employees of Grant-Hatch will allow our clients to experience an even stronger level of service,” said Diana Kirk, executive vice president of Zions Bank.
“With a great deal of excitement and optimism, we look forward to combining the Grant-Hatch operation with the Leavitt Group,” said Eric Leavitt, president of the Leavitt Group. “We have maintained a long-standing relationship with Zions Bank and we are anxious to do all we can to bring enhanced value to the bank’s clients.”
Zions Bank is Utah’s oldest financial institution, and is the only local bank with a statewide distribution of branches, operating 112 full-service branches throughout Utah. Zions Bank also operates 23 full-service branches in Idaho, and nearly 200 ATMs throughout Utah and Idaho. In addition to a wide range of traditional banking services, Zions offers a comprehensive array of investment, mortgage, and insurance services, and has a network of loan origination offices for small businesses nationwide. The company is also a leader in providing electronic banking services, including electronic municipal bond trading. Founded in 1873, Zions has been serving the communities of the Intermountain West for more than 130 years. Additional information on Zions Bank is available at www.zionsbank.com.
(SOURCE Zions First National Bank)