Community Banks Acquires Shultz Insurance Agency
NU Online News Service, June 16, 3:57 p.m. EDT?Community Banks Inc., a regional financial holding company based in Harrisburg, Pa., has acquired Shultz Insurance Agency Inc., a Hanover-based firm that offers property-casualty insurance products to Pennsylvania residents.
Terms of the sale were not announced.
Community Banks, which operates more than 40 banking offices in eastern Pennsylvania and has some $110 million in annual sales, said it is hoping the purchase will help expand its insurance business in its regional banking branches.
"Shultz Insurance Agency will extend financial services we offer," said Anthony Leo, executive vice president at Community Banks. "The agency will receive referrals from our banking offices."
"The acquisition of Shultz Insurance Agency is an important part of our plans to expand our general lines insurance services," added Eddie Dunklebarger, chief executive officer at Community Banks Insurance Services, a unit of Community Banks Inc. "We are delighted to affiliate with an organization with a long-standing reputation for quality service to the Hanover community," Mr. Dunklebarger said.
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