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Bank M&As Can Breed Culture Clashes

Over 300 insurance agencies can now attest to life after being acquired by a financial institution. Despite varying goals, many agencies and their financial institution partners are achieving a successful integration, particularly in those transactions where the relationship is founded on realistic expectations and honest communication.

Failed bank-agency combinations, on the other hand, are often a byproduct of poor communication, unrealistic expectations and broken promises, which almost always lead to dissatisfaction and turnover.

In most deals to acquire existing insurance agencies, financial institutions grade success by a set of criteria that include return on investment, growth rate, pre-tax margin, bank-agency integration, and amount of cross-selling.

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