NU Online News Service, May 30, 12:10 p.m. – Compass Bancshares Inc., Birmingham, Ala., says it plans to buy Schaefer-Smith-Ankeney Insurance Agency L.C., Phoenix, a general insurance brokerage. Terms were not disclosed.
Schaefer-Smith-Ankeney is the largest locally owned agency in Arizona, with $17 million in annual revenue and an average annual growth rate of 20%.
Marsh, Berry & Company Inc., Concord, Ohio, represented Compass in the transaction.
Founded in the early 1960s, Schaefer-Smith-Ankeney has 120 employees and ranks among the top 85 largest brokers of U.S.-based client business, Compass says. The agency sells life insurance, group insurance and employee benefits as well as property-casualty insurance.
Schaefer-Smith-Ankeney’s president, Craig Ankeney, and its chief operating officer, Travis Hair, will continue in their current roles, and the agency will continue to operate under the Schaefer-Smith-Ankeney name, Compass says.
Compass is a $23 billion financial holding company with banking offices in Alabama, Arizona, Colorado, Florida, Nebraska, New Mexico and Texas.