State Bank and Trust Company, a wholly-owned subsidiary of State Bank Financial Corporation , announced today that it has launched an insurance division to offer State Bank customers a full range of personal and commercial insurance products. State Bank enters the insurance business through the acquisition of substantially all of the assets of Boyett Agency, LLC, a privately owned, 61-year-old independent insurance agency based in Dalton, Georgia. The terms of the transaction were not disclosed. 

"This acquisition delivers more than 40 top-rated carrier relationships to State Bank, providing the bank a solid opportunity to build deeper client relationships and continue to diversify the bank's income stream," said State Bank and Trust CEO Tom Wiley.

"There is a natural synergy with our growing homebuilder finance and mortgage lending groups, where the bank will be equipped to offer a full suite of insurance products with greater convenience, value and service."

The addition of Boyett Agency's assets is not expected to have a material impact on State Bank's noninterest income in the near future. "We look forward to leveraging the agency's carrier relationships by providing our significant customer base a full line of insurance solutions," Wiley added.