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Cape insurance firm, Sikeston bank announce joint venture
First National Bank and Capital Insurance have announced a strategic joint venture for the sale and marketing of insurance that they say will provide additional sales and operational support for the bank's customer base.
Under the agreement, the Sikeston-based bank's insurance subsidiary, the First National Insurance Agency, will continue ongoing sales and marketing of insurance services to Sikeston bank customers.
But the venture will help the bank's agency to gain a more effective ability to provide services to its customers in all markets, including all of Southeast Missouri and the bank's six St. Louis locations.
Cape Girardeau-based Capital and Associates will provide additional sales and operational support for the bank agency customer base. Officials with the bank and insurance companies say that most significantly, Capital will bring access to its premium insurance lines and established vendor relationships.
"The joint venture is all good news for all our customers and has no downside," said Troy Wilson, bank president and chief executive officer.
According to Capital president Loy Welker, "the new venture takes advantages of the strengths and success of both organizations quite nicely." Welker said that with combined premiums in excess of $12 million, the venture creates the largest insurance agency between St. Louis and Memphis.