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Clark Buys Southeastern Bank Benefits Consulting Firm

By Staff Writer

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NU Online News Service, Oct. 9, 2003, 11:51 a.m. EST – The Clark Consulting unit of Clark Inc., Barrington, Ill., is buying Blackwood Planning Corp., West Palm Beach, Fla., from Glenn Blackwood and William Cunningham.

Blackwood and Cunningham will get $630,000 in Clark stock, $1.3 million in cash up front and an incentive agreement that could generate up to $4.4 million in additional payments over the next 42 months, Clark says.

Blackwood and Cunningham will get the incentive payments if Blackwood Planning meets specified revenue goals, Clark says.

Clark, a unit of Clark Inc., sells benefits consulting services and other consulting services.

Blackwood Planning sells compensation, benefits and bank-owned life insurance portfolio consulting services to banks in the Southeast.

Clark is making Blackwood president of its bank consulting practice in a region that includes Alabama, Florida, Georgia, Mississippi and South Carolina.

Clark announced a similar deal Oct. 2 for Executive Benefit Solutions L.L.C., Memphis, Tenn., a firm that provides benefits and compensation consulting services for banks in the Northeast. Clark agreed to pay the owner of that firm, David Shoemaker, $2.6 million in cash up front and gave him an incentive agreement that could generate $10 million in additional payments over the next 42 months.

Shoemaker will be president of the Clark bank consulting practice in New Jersey, New York, Pennsylvania and Tennessee.

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