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Bank of Smithtown Acquires Second Insurance Agency

November 14, 2007

Smithtown, N.Y. — Bank of Smithtown Insurance Agents & Brokers Inc., a wholly-owned subsidiary of Bank of Smithtown, acquired all assets of Payne & Palmieri Inc., an independent insurance agency located in East Setauket, N.Y.

In August 2004, Bank of Smithtown purchased Seigerman-Mulvey Co. Inc., an independent insurance agency located in East Setauket. For the past three years, the bank has continued to operate the agency, which offers personal and business lines of insurance. Now, through its insurance agency subsidiary, the Bank has purchased a second agency, also located in the East Setauket area. The three employees of Payne & Palmieri, including Ernest Palmieri, will continue with the agency.

"This is a very natural extension for us," says Joanne Bentivegna, president of Bank of Smithtown Insurance. "The customers of both agencies will benefit from the increased servicing capabilities and the increased customer choices created by the acquisition."

Source: Bank of Smithtown Insurance Agents & Brokers Inc.

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