Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp, Inc., announced that it has reached an agreement to acquire the assets and liabilities of general agency Chesapeake Insurance Group (CIG) of Annapolis Maryland. Financial terms of the acquisition were not disclosed.
CIG, which was founded in 1943, is one of the largest locally owned independent agencies in the Mid-Atlantic region, serving central and southern Md. with approximately $3 million in annual revenues and 30 employees. I
t’s headed by Robert K. Elling, who will become the President of Sandy Spring Insurance Corp. when the acquisition is completed. CIG will continue to operate under its own name.
Sandy Spring President and CEO Hunter R. Hollar said the acquisition of CIG fit his company’s expansion strategy and would enable it to offer a broader range of products and financial services to new and existing clients. “Insurance products are a natural extension of that plan, which enables our company to further diversify its sources of noninterest revenues.”
Topics Mergers & Acquisitions
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