Recent FDIC ruling on independent insurance agency sales provides two week extension to express interest in agency offering.

Welcome to a Special Edition of the Springtree Group Independent Agent and Broker Sales Alerts. Springtree Group (STG) works with financial institutions that find themselves in a receivership position with Agencies and Brokerage firms. These relationship includes the FDIC in situations in which a bank in receivership owns an insurance operation. We were advised that the agency below was up for bid a couple weeks ago, but because of the short bid notice we declined to openly distribute.

On October 15th, the FDIC reported that they would allow STG to communicate to our clients that they are providing an additional two weeks for you to declare your interest.

The Federal Deposit Insurance Corporation as Receiver for Parkway Bank, Lenoir, NC (the “Receiver”), acting on behalf of Parkway Insurance Services, Inc. (the “Agency”), is offering for sale substantially all of the assets of the Agency, as specifically described in the Asset Sale Agreement to be entered into in connection with this sale (the “Assets”). The Assets include, among other things, insurance policies, contracts, furniture, fixtures, equipment, and data processing machines.

The Agency was a wholly–owned subsidiary of Parkway Bank, Lenoir, NC (the “Bank”). The Bank failed on April 26, 2013, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as Receiver for the Bank. The Agency is now a wholly-owned subsidiary of the Receiver, and the Receiver is marketing the Assets of the Agency on behalf of the Agency. The Agency currently leases a building owned by the Receiver on a month-to-month basis. The existing website of the Agency is www.parkwayins.net. While you may freely visit this website, you are prohibited from contacting the Agency, its employees, or its policyholder directly regarding this sale. Violations of this prohibition will result in your being disqualified from bidding on the sale.

This message is an announcement only and does not constitute an offer to sell, or a solicitation of an offer to buy, any assets or any interest therein. Information concerning the Assets will be furnished only to persons who meet the vetting and other requirements set by the FDIC for this sale. WAP $3.6M / Revenue $316K

Please alert us as soon as feasible if you have interest.

Being associated with STG provides you access to the strongest array of M&A, lending tools and financial services available to support your acquisition, perpetuation and operational needs in any part of North America. Please call 972.395.8811 for additional information on services and opportunities.