Community Banks, Inc. to Acquire Two Pa. Agencies

Community Banks, Inc. announced that it has entered into a definitive agreement to acquire Your Insurance Partner, an agency with offices in Mechanicsburg and Dillsburg, PA.

The transaction is subject to regulatory approvals and is expected to close in the third quarter of 2003. The purchase terms were not given.

The bulletin indicated that upon completion of the deal ” Your Insurance Partner will continue to operate as a division of Community Banks Insurance Services, LLC (“CBIS”), through the current locations of its member partners, the Hutter Agency and The Dillsburg Agency. In addition to serving current clients, the Agencies will be available to serve the insurance needs of customers of CommunityBanks.”

“We are delighted to affiliate with Your Insurance Partner. Through its member partners, the Hutter Agency and The Dillsburg Agency, Your Insurance Partner has maintained a long standing reputation for quality service to the community,” stated Eddie L. Dunklebarger, Chairman, President and CEO of Community Banks. “This acquisition is an important part of our plans to expand our general lines insurance services.”

CBIS is a wholly owned subsidiary of CommunityBanks, which maintains 47 community banking offices and over 100 ATMs throughout central and northeastern Pennsylvania and northern Maryland.

WFG Capital Advisors, a PA-based investment banking firm specializing in the insurance and financial services industry, initiated the transaction and served as the exclusive financial advisor to Hutter Agency, Inc. and The Dillsburg Agency.

Topics Mergers & Acquisitions Agencies Pennsylvania