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Valley National unit buys assets of New York-based independent insurance agency

All-line insurance agency Masters Coverage Corp. on Jan. 4 certainassets of a New York-based independent insurance agency.

The deal's purchase price was approximately $1.4 million in cashand future cash consideration, according to a Form 10-Q filed May 9. Goodwillamounted to $701,000, and other intangible assets were $660,000.

Masters Coverage is a wholly owned subsidiary of .