- people on the move
Insurance division acquires agency
A credit union’s insurance division has expanded its reach in the region via an acquisition of a nearly 90-year-old insurance agency.
Lake Michigan Credit Union, or LMCU, said yesterday that its Lake Michigan Insurance Agency, or LMIA, has acquired Kalamazoo-based Minor Field Agency.
The deal gives LMIA an office in Kalamazoo.
Terms of the deal were not disclosed.
Minor Field Agency President Art Skogsberg said the deal is “most definitely a positive for all concerned.”
“Combining our two agencies will provide all our customers with access to a larger, more dynamic portfolio of insurance products,” he said.
Skogsberg will remain head of the Kalamazoo office, and the majority of the agency's employees will stay put.
Minor Field Agency VP Tom Magrath, who bought into Minor Field as full partner and equal owner in 1996, will retire after the deal closes.
Minor Field Agency
Founded in 1927 as Field Agency, Skogsberg bought the agency in 1983 and later acquired Minor Agency in 1989, merging the two companies into Minor Field Agency.
Minor Field Agency, located at 5865 Venture Park Dr. in Kalamazoo, provides both commercial and personal lines of insurance.
With 39 branches and more than 352,000 members, Lake Michigan Credit Union is the largest credit union in the state.
LMCU’s assets exceed $4.5 billion, and it maintains a mortgage serviced portfolio of more than $8 billion.