SARATOGA SPRINGS – The Adirondack Trust Co. has signed a letter of intent to purchase the assets of the Sutton and Tarantino Insurance Agency.
The independent insurance agency, which has operated since 1955, is based in Saratoga Springs, with a satellite office in Ballston Spa. The transaction is expected to close by Jan. 1, 2018. In addition to its banking operations, Adirondack Trust operates two insurance divisions, the Adirondack Trust Insurance Agency based in Saratoga Springs, and Amsure, based in Colonie.
Owner Rod J. Sutton said in a statement that the combined companies will provide the most competitive, comprehensive and independently developed insurance in the area.
“I am looking forward to having my entire team of insurance professionals join the highly skilled insurance staff at the Adirondack Trust Insurance Agency,” said owner Rod J. Sutton said in a statement. “Our organizations’ shared cultures, values and commitment to superior customer service prove to be a natural and exciting fit for the future.”
Charles V. Wait, chairman of The Adirondack Trust Co., praised the acquisition in a statement.
“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,” he said. “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 two decades, 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, NY. The combined entity is one of the largest insurance agencies in the Capital Region based on annual revenue, according to Adirondack Trust.
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