ITHACA, N.Y.--(BUSINESS WIRE)--
Tompkins Trustco, Inc. (AMEX:TMP) announced that its subsidiary,
Tompkins Insurance Agencies, Inc., has entered into a letter of intent
to purchase H.A. Carey Co., Inc. (known as the Carey McKinney Group)
of Ithaca, New York. Closing on the sale is planned for December 31,
Carey McKinney is a full service insurance agency owned and
operated by Donald R. Kompf, Jr., Frank M. Smith and the estate of the
late Peter Wadach. Mr. Kompf and Mr. Smith will both serve as Senior
Vice Presidents of Tompkins Insurance Agencies in Ithaca, working
closely with Tompkins Trust Company in assisting customers with their
financial and insurance needs.
"The Carey McKinney Group is a market leader in the Tompkins
County area and known for its quality of service and expertise in
providing insurance solutions," David Boyce, President & CEO of
Tompkins Insurance Agencies, said. "We are pleased to serve additional
customers in Central New York through this affiliation, as we have
with the previous purchases of Banfield Insurance and the
Farrell-Messler Insurance Agency."
He observed that combining financial and insurance services has
been a successful strategy for Tompkins Trustco and its community
banks. "The addition of the Carey McKinney Group to our services in
Central New York will help us achieve a significant critical mass in
Tompkins Trust Company's home market," he said.
Don Kompf, said, "Our affiliation with Tompkins Insurance Agencies
will gain access to an expanded array of insurance companies to
provide appropriate coverage for our customers."
Frank Smith echoed those sentiments. "When we were looking for an
agency with which to partner, we wanted one that set the same
standards of excellence. Tompkins Insurance is an organization that
has built firm, long-lasting partnerships with its customers for more
than 100 years."
Both Kompf and Smith will continue to serve in the new
organization from their existing location at 1051 Craft Rd. Carey
McKinney currently has 11 employees.
"Customers will continue to work with the people they trust and
respect," Boyce said. "They will have the added benefit of strength of
the Tompkins organization, a trusted name in this community since
1836, for a complete range of insurance and financial solutions."
Tompkins Insurance Agencies, Inc. is a subsidiary of Tompkins
Trustco, Inc., which is also the parent company of Tompkins Trust
Company, The Bank of Castile, Mahopac National Bank, and AM&M
Financial Services, Inc.Tompkins Trustco, Inc. is traded on the
American Stock Exchange under the symbol TMP.
"Safe Harbor" Statement under the Private Securities Litigation
Reform of 1995:
This press release may include forward-looking statements with
respect to revenue sources, growth, market risk, and corporate
objectives. The Company assumes no duty, and specifically disclaims
any obligation, to update forward-looking statements, and cautions
that these statements are subject to numerous assumptions, risks, and
uncertainties, all of which could change over time. Actual results
could differ materially from forward-looking statements.
Source: Tompkins Trustco, Inc.