Penn. Bank Buys CrosStates Agency
NU Online News Service, Oct. 2, 9 :25 a.m. EDT?Leesport Financial Corp., in Wyomissing, Pa., has acquired CrosStates Insurance Consultants Inc., a full-service insurance agency specializing in personal and commercial property-and-casualty insurance.
Headquartered in Langhorne, Pa., CrosStates has offices in Bala Cynwyd, Birdsboro, Laureldale and Hatboro, Pa.
CrosStates reports more than $1.5 million in annual revenues.
The agency's office in Berks County and Montgomery County will join Essick & Barr in Berks County and The Boothby Group in Montgomery County, part of the insurance division of Leesport Financial Corp.
CrosStates Insurance will keep its name and remain headquartered in Langhorne.
William J. Loose, formerly president and chief executive officer of CrosStates, will serve as president of the CrosStates division that will focus on personal lines and small-business insurance services.
Raymond H. Melcher Jr., Leesport Financial's chairman, president and CEO, said in a statement that the acquisition would broaden the bank's personal lines business. He added that the acquisition enhances its strategy to become a one-stop-shop and allows for expansion opportunities."
The acquisition puts Leesport Financial's total insurance annual revenues above $10 million.
North Bridge Advisors Inc., based in Concord, Mass., served as the consultant in the deal. The firm advises community banks through the complex process of acquiring insurance agencies.
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