SWBC said Monday it has bought three specialty risk management firms in a move the San Antonio-based company said emphasizes its commitment to the small and mid-market credit union industry.
They are insurance tracking and compliance specialists FICOR of Lenexa, Kan., and NINPRO Data and NINPRO of Portland, Ore.
Terms were not disclosed. The acquisition adds nearly 300 financial institutions to the client list for SWBC, a provider of insurance, mortgage and investment services, and will expand its market share in the Midwest and Pacific Northwest, the company said.
“The FICOR and NINPRO culture is an excellent fit for the small and mid-market financial institution as they place a significant amount of focus on consistent, visible and high touch service,” said Mark Hein, CEO of SWBC's Financial Institution Group.
“Our strategic plan is to introduce many of our clients to their service environment and overlay a few of the technologies that we have deployed to further lower those organizations' cost structure, Hein said
SWBC said Ken Schweitzer, CEO of FICOR, and Jerry Snider, CEO of NINPRO, will remain in place as both businesses will continue to operate under current management and operational structure.
“I have known (SWBC co-founders) Gary Dudley and Charlie Amato for 20-plus years, and they have put together a great team that will complement our growth initiatives going forward,” Schweitzer said.
Snider said, “We are already scoping out ways to integrate some of their tools … in order to deliver best practice processes to our customer base.
SWBC said it now has a client list of just more than 1,200 financial institutions, nearly 900 of them credit unions.
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