Community Banks to Acquire Shultz Insurance Agency

December 24, 2002

Community Banks Inc. of Harrisburg, Pa. announced an agreement to acquire Shultz Insurance Agency Inc., based in Hanover.

Subject to regulatory approvals, the transaction is expected to close in the first quarter of 2003.

Founded in 1933, Shultz Insurance Agency will continue to operate as a division of Community Banks Insurance Services LLC under the name Shultz Insurance Agency in its present facility at 555 Carlisle Street in Hanover. In addition to serving its current clients, the agency will be available to serve the insurance needs of customers of CommunityBanks.

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