Taunton-based Bristol County Savings Bank has bought a majority interest in the Farrell Backlund Insurance Agency.

The Bristol County bank will work with Farrell Backlund, one of the region’s largest insurance agencies, to bundle property/casualty insurance with other financial service products offered through the bank.

Farrell Backlund, an agency with four locations in southeastern Massachusetts and 48 employees, will retain its management and organization structure.

Although the bank owns a majority of the agency, leaders for both institutions say the partnership will act more as a referral service than a blending of the two entities. Bank President Dennis Kelly said his organization was prompted to make the move so it could diversify its income; with interest margins shrinking, he said, Bristol County wanted to find new sources of revenue.

Nationwide, bank-owned insurance brokerages earned $1.07 billion in the first quarter, according to InsuranceNewsNet.

Bristol County Savings Bank currently holds $1.1 billion in assets and has 10 locations.