CORNELIUS, N.C., July 02, 2018 (GLOBE NEWSWIRE) -- Aquesta Financial Holdings, Inc. (“Aquesta”) (OTC Market:AQFH) announced today that it has sold its wholly owned insurance agency (Aquesta Insurance Services, Inc. or AISI) to NFP for cash, effective June 29, 2018.
Jim Engel, CEO & President of AQFH, stated, “Aquesta Bank bought what is now Aquesta Insurance Services more than 8 years ago and saw it grow and flourish under Ken McGee and his predecessor’s leadership. It recently became clear that a sale of Aquesta Insurance would help Aquesta Bank continue its own excellent growth by providing significant capital enhancement. At that point, we reviewed several potential purchasers looking for a company that shares Aquesta’s passion for delivering superior, personal service. We found the perfect fit with NFP. They are a respected, national, independent insurance and wealth management firm. We are confident our customers will appreciate NFP’s ability to provide a broader array of insurance products while maintaining the same dedication to excellent customer service that attracted customers to Aquesta in the first place.”
It is anticipated that NFP will continue to provide insurance agency services from the current Aquesta Insurance locations, including Cornelius and Wilmington. Additionally, all current Aquesta Insurance employees will be maintained in the rebranded NFP company.
The results of the sale will be reflected in second quarter financial results. While subject to audit and adjustment, it is estimated the sale will result in after tax gain to AQFH of approximately $1.7 million or 43.1 cents per share. Ongoing operating results of AQFH without Aquesta Insurance results are expected to be marginally accretive of approximately 2.0 cents per share. Finally, the cash proceeds from the sale will be used for general corporate purposes, including but not limited to reduction of outstanding AQFH lines of credit and supplementing the capital levels of Aquesta Bank to facilitate continued growth of the Bank.
Aquesta Financial Holdings, Inc. is the holding company to its wholly owned subsidiary, Aquesta Bank. Aquesta Bank is a full service community bank headquartered in Cornelius, North Carolina with seven branches in the Charlotte, Lake Norman area, and Wilmington. Member FDIC, Equal Housing Lender. Aquesta Insurance Services, Inc. is not FDIC Insured.
Information in this press release may contain forward looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.
For additional information regarding Aquesta or Aquesta Bank, please contact Jim Engel (Chief Executive Officer and President) at 704-439-4343 or visit us online at www.aquesta.com.