Texas bank buys insurance agency

Texas Regional Bank has bought Mission Duncan Insurance and will use the Mission, Texas-based agency to enter the commercial and personal lines insurance sector, the bank said Monday.

In a statement, the Harlingen, Texas-based bank said the agency, which has about 10 employees, will operate as TRB Insurance. 

The bank will look for other opportunities to grow its insurance business, Ryan Newman, insurance division president at Texas Regional Bank, said in an email.

"We plan to grow our insurance portfolio both organically and by additional M&A’s," he said.

Texas Regional Bank has $2.52 billion in assets and 26 branches across Texas, the statement said.