The Delaware County Bank & Trust Company, a subsidiary of DCB Financial Corp along with four other community banks used their holding company powers to close a transaction Oct. 5 in which they purchased an equity interest in an insurance company.
The financial holding companies of The Delaware County Bank and Trust Company, Delaware; Eaton National Bank and Trust Company, Eaton; First Bank Richmond, Richmond; Indiana; Ohio Valley Bank, Gallipolis; and Ohio Heritage Bank, Coshocton, joined forces to purchase 50 percent of the shares in ProFinance Holdings Corp. That company was formed by the financial holding companies and management of Century Surety Company to purchase Century Surety Company from CBIZ, a Cleveland-based company. Century Surety is a Columbus-based property and casualty company that handles specialty lines.
In addition to the return on their investment, the five investors also plan to help the company expand into new areas by offering products that would be utilized by the subsidiary banks in the future.
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