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Wrong Barry Seigerman?

Barry M. Seigerman

Director

Smithtown Bancorp Inc

HQ Phone:  (631) 360-9300

Email: b***@***.com

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Background Information

Employment History

Chairman

Seigerman, Mulvey Company Inc


Affiliations

The Samfund

Board of Trustees Member


Bank of Smithtown

Board Member


Middle Country Public Library

Trustee


The Long Island Museum

Trustee


Web References(44 Total References)


Investor Info :: Bank of Smithtown

www.snl.com [cached]

Barry M. Seigerman


libn.com

Barry Seigerman, a member of Smithtown's board of directors said that the meeting was "just a formality.


www.sec.gov

Barry M. Seigerman
Director since 1993 Current term expires 2011 Barry M. Seigerman, age 69, is currently a Broker/Producer for Bank of Smithtown Insurance Agents and Brokers, Inc.  In 1974 Mr. Seigerman founded The Seigerman Agency, Inc., a full service insurance product-sales, risk assessment and management company, in Suffolk County, New York.  He served as the Chairman and Chief Executive Officer until August 2004 when the company was purchased by Bank of Smithtown.  He continued to serve as Chief Executive Officer and President of the company until August 2007. Mr. Seigerman's skills as a manager of a successful business with 25 employees, his years of experience identifying, evaluating and minimizing business risks and his depth of knowledge of insurance products and services were specific attributes that particularly qualified him for election to the Board in 1993.  Mr. (12) Includes 200 Common Shares as to which Mr. Seigerman has sole voting and investment power, 49,252 Common Shares as to which he has shared voting and investment power, and 2,559 Common Shares as to which he has voting power but no investment power.


www.sec.gov


0001261819 SEIGERMAN BARRY 22 FERN VALLEY RD WESTON CT 06883 1 0 0 0


Banks plus insurance: how to make it work (April 08)

www.ababj.com [cached]

Barry Seigerman, president of Smithtown Insurance Agents and Brokers, Inc., East Setauket, N.Y., which is part of Smithtown Bancorp, capsulized this by way of a quip:
"What's the difference between a good insurance broker and a great insurance broker? A good insurance broker is someone who knows the coverage. A great insurance broker is someone who knows the adjuster." Wilson, Kiral, and Seigerman were joined by Paul H. Cornell, deputy CEO for Spirit Bank, Bristow, Okla., and working out of the bank's Tulsa office. Barry Seigerman started his insurance agency from scratch, with his wife, in 1975, and has 43 years experience in insurance sales. Understandably, he has a suspicion about hopes for instant success for banks in the insurance business. Indeed, Seigerman said he never would have entertained the idea of selling his agency, but for the fact that he has sat on the Smithtown Bancorp, Inc., board since 1993. (The $1.1 billion-assets holding company is parent of The Bank of Smithtown, Hauppauge, N.Y., headed by ABA Chairman Brad Rock.) Even so, when the company decided to try insurance, Seigerman didn't just sell. His agency, Seigerman-Mulvey Co., Inc., joint ventured with the banking firm for three years, "to see if it made sense to get married or not. Seigerman warned bankers interested in expanding into insurance against expecting his business to behave like lending did (until recently), with volume rising from quarter to quarter. He says that while insurance sales expense is pretty much a constant, insurance sales volume can fluctuate from month to month, and the reasons for a shift can sometimes defy identification. This up and down doesn't please stock analysts-Smithtown Bancorp is publicly traded-but it is a fact of life in the business. Or, as he said he tells Brad Rock, "I don't know why, sport. Tell me, why did kamikaze pilots wear crash helmets?" This can make projections of volume and flow difficult to project from previous business levels, according to Seigerman, something that goes against some bankers' instincts. At one point he showed the audience a pie chart of the agency's sources of income, by type of insurance. Commercial lines accounted for nearly 45% in 2006, with personal lines coming in second at 20%. Seigerman explained that 2006 was a banner year for commercial insurance, though "we don't consider personal lines a stepchild at all. Also, customer payment patterns differ from year to year. Seigerman gave some tips for starting. One is to understand where money is made in insurance. "Commissions are the main source of income, but not the only one," said Seigerman. There are various fees, for instance, and more and more work on the commercial lines involves risk-management consulting, rather than sales. In a related vein, Seigerman pointed out that the ideal strategy for building agency earnings is to maintain existing customers and to build new ones. He compared this to building a pyramid from the top down, such that the base of the agency's business grows wider and wider. Because commissions are billed annually, the wider the base, the more revenues. "That's unique to insurance," he said. Another recommendation is to find the right way to enter the business. There are different ways to set up an insurance operation and Seigerman recommends setting up some type of joint venture rather than jumping in with both feet. This helps the bank test both it's potential partner/acquisition and the way it is entering the business. One last warning Seigerman had for bankers was not to expect more than 15% of an agency's growth to come from bank referrals, with the remainder coming from organic growth. Right now his organization has been seeing a 12% rate. "My expectation is that we will never see 40%," he said.


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