First Federal Savings Bank, in Monessen, PA, recently purchased a majority ownership in Exchange Underwriters, Inc., an insurance agency in Canonsburg, a suburb of Pittsburgh.
The financial terms of the acquisition were not disclosed.
The announcement of the acquisition by North Bridge Advisors indicated that Exchange Underwriters was founded in 1952, and “offers a full line of personal and business insurance, including auto, homeowners, general liability, workers’ compensation and bonds.”
North Bridge Advisors is located firm in Concord, Mass. and specializes in advising banks interested in acquiring insurance agencies. It served as First Federal’s consultant in the transaction; “conducted the search, established criteria for acquisition candidates, and negotiated and structured the deal.”
First Federal was founded in 1922, and has $300 million in assets and seven offices in Washington, Westmoreland and Fayette Counties. The acquisition of Exchange Underwriters mars its first venture into property-casualty insurance.
Richard Boyer, Exchange Underwriters COO, will continue to manage the agency and will retain an ownership position. He indicated that “Joining forces with First Federal made sense because they’re firmly rooted in the community and have made a commitment to exceptional service. We make that commitment too, and our agency will provide the bank’s customers with highly competitive insurance products.”
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