Penn. Bank Buys CrosStates Agency

NU Online News Service, Oct. 2, 9 :25 a.m.EDT?Leesport Financial Corp., in Wyomissing, Pa., has acquiredCrosStates Insurance Consultants Inc., a full-service insuranceagency specializing in personal and commercialproperty-and-casualty insurance.

Headquartered in Langhorne, Pa., CrosStates has offices in BalaCynwyd, Birdsboro, Laureldale and Hatboro, Pa.

CrosStates reports more than $1.5 million in annualrevenues.

The agency's office in Berks County and Montgomery County willjoin Essick & Barr in Berks County and The Boothby Group inMontgomery County, part of the insurance division of LeesportFinancial Corp.

CrosStates Insurance will keep its name and remain headquarteredin Langhorne.

William J. Loose, formerly president and chief executive officerof CrosStates, will serve as president of the CrosStates divisionthat will focus on personal lines and small-business insuranceservices.

Raymond H. Melcher Jr., Leesport Financial's chairman, presidentand CEO, said in a statement that the acquisition would broaden thebank's personal lines business. He added that the acquisitionenhances its strategy to become a one-stop-shop and allows forexpansion opportunities."

The acquisition puts Leesport Financial's total insurance annualrevenues above $10 million.

North Bridge Advisors Inc., based in Concord, Mass., served asthe consultant in the deal. The firm advises community banksthrough the complex process of acquiring insurance agencies.