Agency Banking

Hear about how Westfield Bank understands the Insurance Agency business and how we can work with you.

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Transcript

Matt Sprang, President, Agency Banking:
So, Agency Banking at Westfield Bank is really focusing on what agencies need. Being owned by Westfield Insurance, 170 year-old company, we know the business.

Mike Wagar, SVP, Agency Banking Commercial Lending Team Leader:
There are a lot of banks across the country. There are a lot of people who claim they can help insurance agencies. We really focus on - and when I say focus on it - lending to insurance agents is all that we do in our group and our team of Agency Banking. Specifically, we do conventional bank clients, other players in the industry, we do SBA loans, which involves the government, as we all know that has a lot of red tape and some additional costs. We view it on a conventional bank loan basis, which makes it much easier for the customer. It’s a much smoother process, and overall, we think a better experience for that.


Matt Sprang, President, Agency Banking:
At Westfield Bank, we've built that expertise to know that a book of business has true value in the market. We allow agencies to leverage that and use that to accomplish the tasks that they need to do, whether it's to buy the agency down the road or across the state, or to perpetuate the ownership in their agency.

When an agent walks into their local bank that they partner with, they will struggle to find one person that understands how the independent insurance agency market works. We have a whole team of folks that live and breathe independent agencies.


Mike Wagar, SVP, Agency Banking Commercial Lending Team Leader:
We offer other services to insurance agents, like depository services and Premium Finance. Where we bundle all that together, we can put together a very compelling package. I don't think there's other players out in the market that do that.

I would say that if you find yourself in a position where you're looking for capital, looking for a partner, you have an acquisition on deck, you want to transfer some ownership, or you're just looking for a line of credit, visit us at Westfield Bank. Give us a call. We can provide you some good insight. We're consistent, we're available, and we're here for you to help you grow.


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