First Financial Holdings has completed the sale of its managing general insurance agency subsidiary, Kimbrell Insurance Group to Burns & Wilcox, a Kaufman Financial Group company.
Pursuant to the terms of the purchase agreement, Burns & Wilcox has acquired substantially all of the assets of Kimbrell in exchange for cash.
First Financial said in addition, there is a provision for a potential earn-out payable over two years based on specific annual revenue growth goals.
First Financial president and CEO Wayne Hall said the sale of Kimbrell is an additional step forward in their strategic transformation, allowing them to concentrate their resources on building and enhancing their core banking franchise.
Kimbrell president John Crotts said Burns & Wilcox is an excellent partner for Kimbrell given their experience, resources and national platform in the specialty insurance industry.
"The combination adding the presence of Burns & Wilcox to our existing markets and providing additional opportunities for our retail insurance brokers and agents, insurance carrier partners and employees is a very attractive long-term strategic fit," added Crotts.
Sandler O’Neill + Partners acted as financial advisor and Kilpatrick Townsend & Stockton acted as legal advisor to First Financial.