The Adirondack Trust Co. has signed a letter of intent to purchase the assets of the Sutton and Tarantino Insurance Agency, an independent agency based in Saratoga Springs with a satellite office in Ballston Spa.
The transaction is expected to close by Jan, 1, officials said.
In addition to its banking operations, Adirondack Trust Co. operates two insurance divisions, the Adirondack Trust Insurance Agency in Saratoga Springs, and Amsure, based in Colonie.
Sutton and Tarantino is recognized as a respected insurance agency which has represented individuals, families and businesses in the Saratoga County community since 1955, bank officials said.
“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 Rod J. Sutton, owner of the 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,” he said. “Our combined entities will offer our individual and business clients the most competitive, comprehensive and independently developed insurance options available in the marketplace.”
“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,” said Charles V. Wait, chairman of the Adirondack Trust Co. “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 & Tarantino clients.”
Over the last 17 years, the Adirondack Trust Co. 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, officials said.