2007 | Press Release

Oct 4, 2007 – SEFCU Insurance Group acquires the Colonial Insurance Agency

SEFCU Insurance Group acquires the Colonial Insurance Agency, LLC
Albany, NY (October 4, 2007) – The Colonial Insurance Agency, LLC, including its
wholly-owned subsidiary the Kenneth Fake Agency, was acquired by SEFCU Insurance
Group, which is a subsidiary of SEFCU. SEFCU Insurance Group is a full-service
insurance agency offering a broad range of insurance solutions, including personal and
business products.
As part of this merger, SEFCU Insurance Group’s marketing territory will be expanded
and Colonial Insurance and Kenneth Fake Agency will continue operations from their
existing office locations including those in Cooperstown, Cobleskill, Depew, Herkimer,
Johnstown, Latham, Middleburgh and Schoharie. In addition, all 34 Colonial Insurance
Agency and Kenneth Fake Agency employees will join SEFCU Insurance Group.
“We are excited about the opportunity the acquisition of the Colonial Insurance Agency,
LLC brings to SEFCU, and we will continue to deliver quality products and services to
current customers. In addition, this growth will allow us to expand our insurance services
to current and future SEFCU members throughout our markets,” said SEFCU President
and CEO Michael J. Castellana.
As part of SEFCU Insurance Groupís commitment to education, free seminars on a
variety of insurance topics are offered regularly. Some topics include Long-Term Care,
Disability Insurance, and Term Life insurance so members can learn about the insurance
products available.
“This merger will provide additional resources that will enable us to broaden the scope of
services and products that we now offer our clients. We are very excited about the
opportunities that lie ahead of us,” said Michael H. Hutcherson, President of the Colonial
Insurance Agency.
Founded in 1984, The Colonial Insurance Agency, LLC is one of the premier
independent insurance agencies with 7 offices and 34 employees. Colonial Insurance
Agency is committed to provide customers with the best insurance value and service
available, while maintaining the highest ethical standards and credibility with clients,
carriers, and the public. The Colonial Insurance Agency is a general independent
insurance agency with a broad range of Commercial and Personal products from some of
the finest carriers.
SEFCU is the largest credit union in the Capital Region and offers a full range of
financial products and services including: 24-hour banking by phone and Internet,
electronic bill payment and eStatements, direct deposit, and a full range of personal and
commercial deposit and loan products.
Mystic Capital Advisors Group, LLC advised SEFCU on the transaction. For more
information on Mystic Capital, please contact Kevin P. Donoghue at 212-251-0972 or
visit www.mysticcapital.com
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