The synergies are there-but converging the two cultures of banking and insurance is a formidable challenge. Institutions lacking a well-defined and realistic strategic plan-and knowing little about the business itself-risk destroying rather than creating value with such deals. With nine agency acquisitions under its belt, FNB Corp. shows how its done.
LIFE WAS ALREADY PRETTY SWEET for the Bouchard brothers when FNB Corp. came to call in August 1999. The three men had bought their Clearwater, Florida-based insurance agency from their father in 1991 and the business was going great guns. Selling out was the last thing on their minds, so they were surprised when Peter Mortensen, …
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