Northwest Bank, based in Warren, Pennsylvania, announced that it has signed a definitive agreement, effective April 1, to acquire Best Insurance Agency Inc., an employee benefits and property/casualty insurance agency in Butler, Pennsylvania. Terms of the transaction were not disclosed.
Best Insurance Agency currently has 11 full-time employees, 10 of whom will join Northwest Bank. Rick McClean, the agency’s corporate treasurer, will be retiring after 43 years of service. Best Insurance Agency principals Don Best, Carol Best McClean, Mike Reese and Ray Rosenbauer will continue to operate from their current Butler location as representatives of Northwest Bank.
In its 100th year, Best Insurance Agency has provided personal and commercial insurance to individuals, families and businesses in Butler and the surrounding area.
The acquisition would further enhance Northwest Bank’s insurance brokerage business which provides personal and commercial lines including property/casualty, life and employee benefits. Northwest Bank launched its insurance brokerage division in 2010. In 2015, the division had $7.9 million in revenues.
Northwest Bank, which is owned by Northwest Bancshares Inc., operates 181 community banking offices in Pennsylvania, New York, Ohio and Maryland. Founded in 1896, Northwest Bank is a financial institution offering personal and business banking products including commercial and small business loans, cash management services, oil, gas and mineral management services, employee benefits, investment management, insurance and trust. Northwest has $8.95 billion in assets and 2,186 employees.