Mar 2, 2006 – Centennial Bank Holdings announces sale of it First MainStreet Insurance Agency
Centennial Bank Holdings sells First Mainstreet Insurance
Denver, CO, March 2, 2006 ñ First MainStreet Insurance is once again locally owned and
independently operated from their offices in Downtown Longmont.
Tom Chapman, President & CEO of First MainStreet Insurance, announced that an
employee ownership group, headed by himself, has purchased the agency from its former
parent company, Centennial Bank Holdings, Inc.
ìThis sale will allow Centennial Bank Holdings and its banks to focus on what we do
best ñ offering quality banking products with a high level of service to our customer
base,î stated David Boyles, President and Chief Operating Officer of Centennial Bank
Holdings, Inc. ìIt also allows the insurance agency to focus exclusively on delivering
quality insurance products and service to their clients and policy holders.î
The agency will continue doing business under the name First MainStreet Insurance. The
103 year-old agency has renewed its 6,000 sq ft lease at 4th Avenue between Main Street
ìThe new ownership group is made up entirely of current First MainStreet Insurance
employees and managers and we are committed to this community. We are excited about
growing the agency and supporting the local economy as we have for more than 100
years,î Chapman said.
First MainStreet Insurance opened their doors 103 years ago under the name of
Longmont Realty & Insurance. The agency operated under that name for over 90 years
from their offices in Downtown Longmont. In 2000 the agency sold to First National
Bank of Longmont. Three years later the agency and First National Bank were re-named
and the First MainStreet brand was born. Last October the First MainStreet Bank and
the insurance agency were acquired by Centennial Bank Holdings, Inc. Yesterdayís sale
returned the agency to independent, local ownership.
Eighteen months ago, First MainStreet Insurance acquired Value Quote Insurance, one
of Boulder Countyís largest health insurance agencies, to round out its product offerings
as a full-line agency. The former owner of Value Quote and a member of the new
ownership group, Kurt Mann said that yesterdayís transaction will allow First MainStreet
Insurance to be further responsive to customers. ìThe insurance needs and coverages of
our clients can be completely met under one roof. And being locally owned gives us a
big advantage in the marketplace,î Mann said.
Brian OíHanlon, also a member of the new ownership group said. ìWe are glad to be
back out on our own and we are looking forward to the added focus on our customers and
our communityî OíHanlon said.
ìIt has been a great experience being a part of First MainStreet Financial, Ltd. and then
Centennial. We learned a great deal about the efficiencies and marketing strategies of
large corporations. The acquisition process was very smooth and both of our
organizations look forward to excellent continued business relations moving forward.î
Tom Chapman said.
Mystic Capital Advisors Group, LLC provided acquisition advisory services to First
MainStreet Insurance, LLC on the transaction.
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